Homeowners in the Bend gated community of Broken Top will vote on buying Broken Top Club for an undisclosed amount.
The proposal was explained to Broken Top Club members in an email Wednesday. Club General Manager Jack Perkins declined to comment, and owner representative Bob Humphrey could not be reached for comment.
The club consists of a golf course, four tennis courts, swimming facilities and a restaurant, which is open to the public. Membership is at a 26-year peak with a total of about 420, according to the email from Perkins and Humphrey.
Broken Top Club also appears to have overcome the financial difficulty that led to its ownership by Thrivent Financial of Minneapolis in 2011. The club has no debt and annual operating income to cover capital expenses, plus generate a profit, according to the email.
A group of members bought the club after a 2007 legal dispute with a developer but defaulted on a $5.5 million loan from Thrivent in 2010, according to The Bulletin’s archive. At that time the club had fewer than 200 members.
The board of the homeowners association, Broken Top Community Association, signed a letter of intent to buy the club on July 16, according to the email. The decision will be made by 645 Broken Top homeowners in a special election to be held in approximately 120 days. The proposal needs approval from 75% of the homeowners in order to pass.
The homeowners association plans to keep current managers and staff, according to the email. “The desire to retain staff is a strong motivating factor for the owners of Broken Top Club … to move forward toward a sale.”
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