2024 Launch Letter from the TGC Board of Directors

Dear Golfers and Friends of TGC,

With the start of the 2024 golf season just weeks away we wanted to provide you with an update on the latest at TGC.

Last year was an extremely challenging year for TGC with all the rain we received as golf and restaurant revenues were significantly down. Coupled with higher costs from inflation, 2023 was our worst annual performance, both in terms of our net loss and cash flow. We have established a plan to turn around our performance and put us on the path towards financial stability.

The winter was hard on the course and significant work was needed to repair a foot-deep and 6-inch wide “slit” that ran through the 18th green. Mike Stitt and his team are working to fix it and a portion of the green may be classified as ground under repair until the grass takes hold.

We are at the beginning stage of a capital campaign. Proceeds of the fundraising are divided into three tranches.

1. $1.5 million for critical infrastructure investments (primarily a new septic system) and course improvements (some at the end of the season and others in a year or two).
2. $350,000 for an operating and building reserve fund to cover working capital shortages and anticipated maintenance needs.
3. $100,000 to complete our cart path project.

We are very pleased to announce that $1.50 million has already been successfully raised through an equity issuance. This equity issuance is pending the refinancing of our $2.95 million term loan and proceeds from this equity issuance will be allocated to the critical infrastructure projects and corresponding coursework. Pending this equity issuance, the investment group will own 62% of TGC. We look to raise the remaining $450,000 in a two-part effort from our members, golfers, and TGC Benefactors. Additional information on these efforts will follow in the coming weeks.

The new septic system carries a cost of $625,000 and is scheduled for construction at the end of this year’s golf season. The location of the field is on the south side of the 10th fairway and will require us to bring in several tons of dirt fill to meet new environmental standards. In conjunction with the new septic field, the Club will improve the slope of the 10th fairway, the approach area on 18, and work on the 18th green. We feel operational efficiencies are achieved by combining these projects with the amount of dirt being moved and heavy equipment on the property.

A negative of starting the septic and coursework projects after the 2024 season is needing to delay our cart path project. Given the level of heavy equipment involved and with most of the construction traffic going over the planned new cart path we feel it is only prudent to wait. Weather permitting, we would look to complete phase I of the cart path project in October/November 2024 and have the new cart path ready for our 2025 season, our centennial anniversary.

Funds for the cart path replacement project have been raised in an effort led by several of our Members who raised nearly $90,000. With a $90,000 match from one of our main Benefactors, we have enough to handle this phase of our cart path replacement project. Thank you to all who made financial commitments to improving the cart paths on the course.

At the end of last season, the Board agreed not to renew the restaurant arrangements with Spruce Group. This decision was a financial one and we wish Tyler and Spruce Group all the best. To stay local, we hired Nadine Sheehan to run our restaurant operations. Nadine is from Ticonderoga and has been the key on-site person for the restaurant for the last 3 years. Nadine hired the majority of last year’s staff and is in the latter stages of hiring a new executive chef which we are very excited about.

We are very pleased to have Nadine and her Team with us for the 2024 season.

We are very excited about the next phase of the development of our Club, both in terms of the quality of the golf course and restaurant and importantly, the financial support we are receiving from our Members and Friends.

We look forward to seeing you all on the course and at the restaurant.

Regards,

TGC’s Board of Directors