Developer's Commitments
Developer's Commitments
The new plan for Inverrary, developed in partnership with our Golf Progression Team, provides a transformative impact on our neighborhoods, bringing an abundance of benefits:
Enhanced Community Amenities and Infrastructure: The development of a 162-acre Greg Norman Signature Championship Golf Course, a 12-acre 9-hole Practice Course, additional lakes, parks, picnic areas, trails, and green space not only enriches our community's recreational options but also revitalizes Inverrary’s standing in the golf community. The inclusion of new EV charging stations and state-of-the-art safety solutions modernizes community infrastructure at no cost to residents.
Increased Property Values and Community Profile: The revitalization of Inverrary with a new golf course signifies a monumental market signal, heralding the resurgence of an area once renowned for its association with movie stars and its history of hosting professional Golf tournaments. Voting to support this development promises to appreciably revitalize the neighborhood, increase home values, and mark a significant stride in our neighborhood’s revival.
Boost to Local Economy and Employment: The construction of the golf course and new residential units is anticipated to create numerous jobs, contributing significantly to the local economy. Furthermore, hosting tournaments at the golf course will attract tourists, further boosting local businesses and services.
Financial Contributions to Homeowners Associations (HOAs): The developer's upfront contribution of $3.3 million to the 32 HOAs and approximately $1.4 million contribution to the Master HOA, additional funds for safety, public relations, and amenity improvements ensure that all homeowners and the community at large benefit financially. These contributions, along with the assurance of no matches or assessments related to these gifts to the homeowners, provide long term financial stability and support for shared community enhancements.
Long-term Sustainability and Safety Improvements: The dedication of land for a new Satellite Fire and Police Station, along with the implementation of state-of-the-art security systems, significantly enhances community safety and preparedness. The commitment to gift and construct the golf course and amenities for our community, coupled with financial contributions to ensure the viability of the golf course until it reaches break-even status, demonstrates a long-term investment in the community's sustainability and security.
HOA Ownership of Golf Course
Concord Wilshire Commitments:
• Dedicate and develop a 162-acre Greg Norman Signature Championship Golf Course.
• Dedicate and develop a 12-acre 9-hole Practice Course.
• Pay for the construction of the new golf course and the clubhouse, and place it in service.
• Pay for the construction of the additional lakes, park, picnic areas, trails and green space.
• Pay for the HOA legal and tax counsel to review all legal documents.
Developer Contribution:
• Contribute a total of $3.3 million to the 32 HOAs, containing 7,754 units (approximately $425/unit). Each HOA will receive its proportionate share based on the number of units in their HOA.
• Direct financial contribution of approximately $1.4 million in initial payment to the Master HOA by paying a closing fee upon the sale of each new home for $2.0 per thousand of the transfer value of each home, and continuing thereafter in perpetuity each time the new homes will resell, generating approximately $350,000 per year.
Developer Contribution to Master HOA
The Developer has agreed to pay for safety, public relations and amenity improvements:
• The design and installation of the Safety Solutions for the Inverrary Community.
• The design and installation of the 3 new School Bus Portals.
• Management costs of the public relations campaign to repair and improve the image of the Inverrary Community.
• Contribution of 2 acres of land to the City for a new Satellite Fire and Police Station.
• Maintain the golf course grounds in good shape throughout the approval process.
All of these benefits are included in Option 3.
Option 3 - The Developer pays for the construction of the golf courses and amenities, and then gifts them to the Master HOA, with zero assessments to the homeowners, in exchange for the Developer being allowed to build a maximum of 1,188 homes in designated areas approved by the community.
Developer's Summary of Costs
Concord Wilshire has agreed to fund its commitments based on the following budget:
Land $20,064,000
• Championship Course, Practice Course, Satellite Fire and Police Station
Golf Course Construction $14,081,509
• The Developer's budget for the total golf course construction costs
Clubhouse & Other Construction $8,953,974
• Design and Permits, Putting Course - 1 Acre, Range Technology - 25 Bays, Cart Storage (5,000 sq ft), F & B Clubhouse / Support Building, Clubhouse Operations
Lakes, Parks and Fitness Trails $6,000,000
• The design and construction of community spaces and trails
Contingencies $3,324,531
• The Developer has set aside a budget for contingencies at 15%
Other Contributions $6,800,000
• The Developer includes in their budget funding for Safety Solutions Residences, Safety Solutions Children, Cash Contributions to Reserves-32 HOAs, Public Relation Campaign and Legal Fees
To Protect Us
The Developer is paying upfront for all of the costs and contributions described in above table through the development and construction of 1,188 residential homes around the New Inverrary Golf Course.
Master HOA’s Required Commitments
The proposed plan requires that the Developer be allowed to construct a maximum of 1,188 residential homes, in areas designated by the community, including for-sale single-family homes, townhomes and condominium units, investing $59.2 million proceeds into our community. To accomplish this together, we need to amend the Restrictive Covenants as follows:
• To allow the development of the new 1,188 residential homes and the new amenities.
• To impose a new covenant to protect our community and the new Greg Norman Signature Golf Course, clubhouse and all other related amenities, stated herein, remain as an operating golf course in perpetuity.
Benefits to Our City
• The new 18-Hole Signature Championship Greg Norman Golf Course will rebrand the City.
• Tournaments held at the golf course will boost tourism and improve the local economy.
• The construction of the golf course and new residences will create jobs and help improve the local economy.
• The property taxes from the 1,188 new homes will provide a substantial revenue base for the City and help enhance the public infrastructure.
Doing nothing is not an option anymore!
Learn more and help spread the word about how to support this development plan by checking out the Voting Process page.
