Golf course owners meeting again to discuss future plans

Shareholders of Cairo Recreation LLC, owners of Tired Creek Golf Course, will meet again this week to make plans for the future of the local 18-hole golf course.
Due to a failure to meet the legally required meeting notification, no official business could be conducted at a meeting of the shareholders held on Tuesday, Oct. 30. Following that meeting, shareholders were notified of a meeting to be held Thursday, Nov. 15 beginning at 7 p.m. at the clubhouse at the course.
The agenda for the business meeting includes:
Old business and update to the membership regarding the company’s progress and financial condition;
To determine the administration of Cairo Recreation LLC;
Replace board members;
Any other business brought before the membership at the meeting.
The Oct. 30 meeting ended up being a nearly two-hour, wide-ranging discussion with the unanimous consensus of those present being to explore a variety of options to improve the financial performance of the course and to solicit stronger community support for the local recreation asset.
On top of the high cost of storm cleanup in the aftermath of Hurricane Michael, the golf course has struggled to remain profitable since Cairo Recreation purchased the assets of Cairo Country Club in May 2012.
One idea proposed at the Oct. 30 meeting was the possible creation of another limited liability corporation that could lease some of the assets from Cairo Recreation. By doing so, additional investment could be made in the new entity without diluting the investment of shareholders in Cairo Recreation, which more greatly would affect those holding the majority of the stock.
A group of shareholders has come together and is proposing the formation of a management company that would lease the assets of Cairo Recreation LLC. The newly formed management company would also seek a buyer or developer for the property to preserve it as a golf course.
The shareholders supporting the creation of a separate entity to lease the assets calling the new company Tired Creek Management Co. LLC issued letters this week to shareholders of Cairo Recreation LLC soliciting their participation.
Although there are a total of 58 shareholders in Cairo Recreation LLC, the bulk of the stock is owned by less than a half dozen investors, and several of those have indicated they are not interested in investing more money into the golf course. At the Oct. 30 meeting, 33 of the 58 shareholders were present.
Tired Creek Golf Course, formerly Cairo County Club, was established in 1960.