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THE VOICE OF NORTH AND WEST V

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October 17, 1986

Classified 986-602

AFTER NEARLY five years in the red, North Shore Winter
Club will have money in the bank with the sale of the club’s
assets to the North Shore Credit Union.

The club’s general manager
Bernie Asbell said members will
vote Oct. 26 whether to accept the
eredit union's offer of a buy-out,
with members leasing the recre-
ational facilities back.

“It’s a win-win situation,
Asbell.

“T's a very, very positive move
and I’m quite confident about it
passing.”

Asbell said the club’s 1,000
members win because the $3 mil-
lion debt the 28-year-old club faces

said

| By KIM PEMBERTON

News Reporter

will be eliminated.

And, he said, the club would
have between $150,000 and
$200,000 in a reserve fund.

He said the North Shore Credit
Union wins because it’s guaranteed
a return on its investment because
of the leasing agreement,

Asbell said the credit union
would buy the club’s facilities for

IETS

$3.45 million, and the club would
pay a monthly rental fee of
$25,000, which would increase to
$30,000 July °87.

“(The monthly payment) is
substantially lower than what it
was previously for our mortgage
rate,"’ said Asbell.

The club’s monthly charges will
now be about one-half of the ex-
isting loans with the credit union.

Asbell said while there is some
concern among members that the
club’s fixed assets are being sold,
he said the club has the option to
repurchase the club until June 30,
1988.

He said the club financial dif-

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«Way- Across ‘The Pacific draw
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“nesday —- will be pleasantly sur-
prised at the value of the Cana-
dian dollar:in those ‘two exotic
parts of the world.

The first draw prize is the

choice of a trip for two to New
Zealand or Hong Kong. The se-

1 Hollywood

architect
honored
PAGE 18

stars
recalled
PAGE 19

MAPLEWOOD FARM Sikes

ficulties began in the early 80s
when interest rates ‘‘skyrocketed”’
to 20 per cent. He said the problem
was further compounded with
declining memberships.

“I'm quite excited (about the
possible sale). In reality we do
become a tenant, but we lower our
costs.

Asbell said the club is already
working towards improving ser-
vices.

For instance, he said, for the
first time in five years the club is
offering raquet bail leagues for
men and women this fall.

‘We'll reorganize and make it
much more of a financial invest-

in Hong Kong or:New Zealand dollars.

cond. draw: winner: will: receive :

Hong: Kong, :t
chosen. by:.th

chance. to win, entry forms are .
being printed. In; today’s issue ‘of ~
the North Shore’ News. and: the

next two issues. The completed .-

forms are to be:deposited in an:

to kid around. The farm is
promoting a Fun Photo Con-
test featuring photographs of -
Maplewood’s animals aud .
many visitors, Maglewood
Farm manager April Johnston
dispizys one of. the entries
while “‘Friendly’’ the goat
looks on. Snap-happy animal
lovers are being asked ta dig
through their photo albums .
and dust off their cameras.
Entries will be accepted until”
Nov. 15.

to Tarry Peters

ment for people.”

He said the club's membership
rates will stand, including the
recently introduced cut-rate for
people under 35 years of age. A
sliding fee scale was introduced
last August, in an effort to attract
younger members.

A regular family pays a monthly
membership of $101, while the new
fee for younger families is $55.

Asbell said he believes member-
ships will increase with the sale of
the club.

North Shore Credit Union's
general manager Ron Davies is out
of town until Monday, and could
not be reached for comment.

FOUR NORTH Shore News readers, will soon be dealing © °a!?),

ane

- Air: New. Zealand, will. provi
the“ Juxurious® flight to™-'tha’
“Down . Under’ country, | w
Guthrey’s -New ‘Zealand “To
. Ltd. arranging the coach tour.