Master Renovation Update

Dear Members,
Here is an update to Phase 2 of the Master Renovation Plan (MRP). The original timeframe for the start date of the main dining room has been extended to mid-March due to completion of final bids and negotiation with four banks on the line of credit. The board has received final cost estimates and the total expense will be approximately $230,000. The construction should be complete by early May. The line of credit will be for 90 days. At maturity, the balance on the line of credit will be combined with the remaining balance on the pool note with a 5 year amortization. The combined balances will be paid back over 5 years with any pre-paid assessments applied to reduce the principal balance. It is expected that we can pay off the note in less than 5 years.

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History

The following information is taken from the sigmtn.com website and can be read in full here>>

The Town of Signal Mountain originated with the purchase of 4,400 acres of land in the Signal Point area by Charles E. James. Mr.James' first contact with Walden's Ridge was during the 1878 yellow fever epidemic. He led a group of people to the Signal Point area to escape the epidemic and with his purchase began plans for a residential community. Mr. James brought the modern world to the mountain. In the eyes of many residents, he was the prophet of progress, a visionary who dreamed of railroads, dams, towns, and a fine hotel surrounded by modern homes on aremote mountaintop.

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