- 5 -
of unimproved and improved land, the operation of Ridgemark Golf
and Country Club, and the conduct of the real estate brokerage
business. The board desired to protect the corporation from
liabilities that might arise from the construction and financing
business. Consequently, on May 3, 1977, Ridgemark Construction
Corp. (Construction) and Ridgemark Financial Corp. (Financial)
were formed to segregate the residential lot activity.
Construction was to engage in construction, subdivision,
development, and sale of residential units and townhomes.
Financial was to engage in financing, development, improvement,
and sale of single family lots. Ridgemark’s board of directors
resolved to sell improved lots to Construction and Financial at
prices equivalent to cost plus no less than 25-percent profit.
Before Financial and Construction were formed, Ridgemark had sold
approximately 200 lots. After that, Ridgemark was not involved
in the improvement and sale of lots.
As of April 1977, Ridgemark owned the following real
property:
1. Lot 82, Unit #2
2. Several lots in Unit #3
3. Golf course land
4. Clubhouse land
5. Miscellaneous parcels of land near the water tower
6. 27.9 acres at the end of George’s Drive
7. 8 acres near Ray’s Circle
8. 5.95 acres below Ridgemark Village
9. 7.3-acre parcel
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011