- 12 - class A golf, tennis and social membership or class A golf and social membership if the subscriber becomes the owner of a lot or unit and a resident of Ridgemark Estates within the five year term and pays the excess of the membership initiation fee over the $4,000.00 subscription price. The corporate minutes reflect that the board of directors considered the further expansion of the golf facility and other related activities, such as the purchase of 10 gasoline-powered golf carts. The board also explored the possibility of future development of all the remaining land south of Airline Highway. Ridgemark’s engineer estimated that approximately 300 lots would be produced at an average net sale price of $60,000, which would produce gross profits of $18 million. An additional $9 million could be produced by selling the lots improved with houses. In the same meeting, the board of directors also authorized Paullus to have preliminary discussions with representatives of potential purchasers regarding the sale of Ridgemark. By that time, certain Ridgemark shareholders sought to dispose of their shares. Paullus desired to be relieved of the responsibilities involved in the management of Ridgemark Golf and Country Club. He also sought to liquidate Ridgemark’s assets in order to expand into a new venture, the proposed Paicines project. On February 23, 1988, the corporate minutes reflected the fact that the tentative map for the unit 10 property, comprising 164 lots, had been filed with the San Benito County PlanningPage: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011