Dear Rams Hill Homeowner:

I would like to take this opportunity to introduce myself and ask your opinion on how to improve the quality of life at Rams Hill. I recently reached an agreement to buy the Nuveen $9.3 million Montesoro Bonds and am now in my due diligence period. If I can assemble the various pieces to the puzzle, we will reopen the golf course, clubhouse and commence real estate sales.

Rams Hill has gone through difficult times and the residents are understandably apprehensive about anyone who takes over, so I hope you’ll give me the benefit of the doubt, and not paint me with the same brush used on my predecessors.

I grew up in a golf club environment, and as a child worked on a golf course in the summers and caddied for my father, who was a champion golfer, a founder of Old Warson Country Club and the director of the 1971 Ryder Cup. I was raised in St. Louis, graduated from Princeton University and have lived in San Diego since 1972. My wife, Connie, and I raised our three daughters in Rancho Santa Fe and have extensive ties to the community. We have been members of Rancho Santa Fe Golf Club since 1985.

I founded a successful computer software company (REA- Real Estate Assistant) and have extensive experience in turning around distressed properties. I started doing this in the 70’s in Vail and Aspen, Colorado, and later in the San Diego area with industrial, retail, restaurant and office properties. My joint venture partner is a multi-billion dollar REIT out of Denver; however, we welcome participation from Rams Hill residents. If some of you become investors and strong advocates, we believe we will have a better chance of gaining your trust and support.

The golf course and clubhouse can operate on a break even basis if there is some support from the Rams Hill residents, and if we can severely reduce operating expenses. In order to increase revenue we will open the golf course to the public, but our members will enjoy certain privileges and preferential tee times.

We are confident we can substantially reduce golf course operating expenses in three major areas: Bond Payments, Property Taxes, and Irrigation Expenses. As the owner of the bond we will have the ability to forgive the past due ($1.2+ m.) and future annual bond ($418,800) payments. The golf course’s annual property taxes have already been substantially reduced from over $275,000 to $12,343. If we are successful in our negotiations with the BWD, we may be able to reduce our irrigation costs to a fraction of what they would currently be ($1 million based on historical usage). Our attorneys have advised us that the 1985 Well 12 Agreement entitles the golf course to 85% of the water from Well 12 at no charge and in perpetuity. Unfortunately, the BWD has rejected our offer and refuses to counter, so sadly, litigation appears to be our last resort.

With these reduced operating expenses our holding costs will be a fraction of all of our many predecessors', but we must invest in all new equipment including irrigation timers, pumps, carts, mowers, etc. in order to begin work on the costly job of restoring the golf course. The big question is if we will rebuild it, will you support it?
We will do our best to be transparent, communicative, and promise to always be open to your suggestions. Please help us determine if the Rams Hill residents will support the clubhouse and the golf course by taking the survey:

Thank you,
Bill Berkley

If you have any other comments or suggestions, please email me at

WJBerkley@Gmail.com

Bill Berkley
President
OLYMPIA PARTNERS
PO Box 2131
Rancho Santa Fe CA 92067
Cell. 858-395-8709