02/23/2023
Prior to the April 30, 2022 real estate closing with the township, the swim club had closed its doors during Covid, mostly due to a declining membership making it increasingly difficult to keep the club running.
Once the executive board decided to meet with bonded members of the club to discuss options for a sale of the property, we began the process with a realtor and a lawyer. We entertained bids that were compatible with our land use, anything recreation related that would be an asset to the community.
Contrary to some circulating rumors, we received bids for high density housing which the board and the overwhelming majority of members whom we eventually polled, did not agree was the best path forward for the property.
A top priority was to be a good neighbor and while we chose a private sale for plans to keep the club a pool and a camp, it fell through in the 11th hour.
Due to time constraints a transaction with the township who had expressed interest in the property, would prove to be quick and seamless and with great hopes for either open space or recreation.
Since the April '22 closing, all financial loose ends taken care of in the months that followed, our accountant prepared for our fiscal year end September 30, 2022 and the filing of our taxes due February 15, 2023.
As one can imagine, we must pay tax on our gain from the sale first and foremost.
Which brings us to our final step, repayment of bonds. The board has a list of outstanding bonds to be paid to prior members who resigned properly. And of course current bond holder members who hadn't resigned before the club had closed permanently. There are no required steps for anyone to take.
A reminder that the board is volunteer and will do our best to streamline this process once it begins.
As an aside, we communicated with our membership and those who inquired via email regarding bonds etc, and we apologize to those we may have missed.
WTRC
Executive Board
