The Rim Golf Club announced that the transfer of the golf club property to the member-owned club has been completed, following the bankruptcy of the club’s developer, Crescent Resources.
As part of the bankruptcy settlement, the Club and other creditors will also receive 83 residential lots within the community and an 80-acre parcel adjacent to the 550-acre Rim Country residential golf community.
These properties will be sold to further enhance the Club’s balance sheet.
On June 10, 2009, Crescent Resources announced a bankruptcy filing that affected more than 70 properties throughout the United States.
Club management responded quickly to the loss of developer revenue by eliminating unnecessary developer-related operating expenses, opening the golf course to limited outside play, and improving overall efficiency, while maintaining the high level of service the Rim is known for.
“Everyone pulled together to make some tough decisions to enable us to ensure minimal disruption during the bankruptcy period” said David Bosley, general manager of the Club.
Now that a path to the future has been cleared, the Club has resumed selling memberships.
Regular Rim Club memberships, which were previously limited only to property owners, are now available at extremely attractive introductory rates.
In addition, the Club has created several other membership categories, including a junior membership and an innovative business membership.
“We are seeing a surge in interest from golfers around the Rim Country and Phoenix, as well as from California,” Bosley said.
The Club’s 29,000-square-foot clubhouse is also available for events, weddings, charity fund-raisers, corporate retreats and as a supplement to tournaments.
The Rim Golf Club is an award-winning, Weiskopf-Morrish designed 18-hole golf course. Payson’s mild four season climate is ideal for year-round golf.
The golf course has won numerous awards and recognition, including Golfweek’s 2010 #3 Best Course in the Southwest, 2011 #21 America’s Best Residential Course and 2010 #55 America’s Best Modern Course.
The Rim Golf Club will host two Arizona Golf Association events and a Southwest PGA Sectional event this coming summer.