Eagle Trace Golf Club Foreclosure
Assignment #5, Task #1

I found an article from the South Florida Business Journal on a foreclose of the Eagle Trace Golf Club in late 2012 here.

This golf club was owned by Heritage Golf Group, a San Diego company that manages several courses around the country. The course was bought for $4.1 million from the TPC Club in 2007 in which Heritage took out a mortgage for $6.4 million through GE Capital (the lending arm of General Electric).  This course, located in Coral Springs, Florida, has prominently featured several events over the years for the PGA Tour. This foreclosure arose from GECC filing a lawsuit for foreclosure against Heritage.

A questions to be answered for the assignment:

• This foreclosure was a Judicial Foreclosure because GECC went through the court system.
• The loan obtained by Heritage for the purchase of the property had a stipulation in it that made the mortgage subject to foreclosure if the necessary funds were not channeled to GE Capital. The clubs private membership structure and high member dues has led to the decrease in course revenue. During the recent economic crisis, there are still lingering effects in some states more than others. Since consumers are cutting discretionary spending, golf memberships are one of the first things to be cut. The inability of the course to adapt to the harsh economic climate and to change their membership structure has led to their eventual foreclosure.

The lawsuit is still being fought today.

My Hometown: Vicksburg, Mississippi
Assignment #4, Task #1

It seems like more often that not, that I am one of the only people in College Station, TX that wasn't born here in the great state of Texas. I had the privilege of being born in a place that even my own family considers "out there." I was born in a prominent Civil War town known as Vicksburg. It's a place that has it's own culture, it's own way of life, and it's own people. It truly is unlike anywhere else in the country and certainly the world. It's a simple place with not much more than a battleground museum, but I hold it close to me for the history it presents to my family and the memories I have growing up there. Firstly, I'll go over the usual metrics to evaluate a town.

Growth
Vicksburg, MS isn't a place thats really growing. It's the only city in Warren County. The Census Bureau shows the population at 26,407 in 2000 and down to 23,649 in 2011. That's not a significant change recently. In fact, Vicksburg has only undergone significant growth changes ages ago. To summarize it briefly, Vicksburg was apart of Natchez Indian land in Mississippi during the early 1700's. When it was settled by French Colonists, the Choctaw took over and the land. Americans took control by the turn of the century in 1809, and Vicksburg became settled. As technological developments such as making Vicksburg a major port on the Mississippi and railroads came forth, the town grew and grew until the Civil War erupted. It was at this point in time that the Siege of Vicksburg took place in 1863 and gave the city it's most known trait. From here, the city shrunk to a steady population. As time passed, the city didn't sprawl too much until Interstate 20 was built and then more and more residents set up around the route. Since then, the population has stayed steady with little fluctuation.

Demographics
Vicksburg is composed of predominantly two ethnicities: caucasians and African Americans. There, it is about a 40/60 split between the two. As far as age is concerned, 32% of the town is composed of children under the age of 18, 35% are married couples, and the median age is 34.

Economics
The city of Vicksburg is a pretty typical American small town. Centuries ago, it was used more as a port for shuttling trade for steamboat traffic. During the 1800's, it's dominance as a port led to it's development of a crossing over the Mississippi. This became the only crossover point in the South. Today, the economy of Vicksburg depends primarily on services, retail, and transportation. However, even with this economic model, the unemployment rate exceeds 10% and the US average. I wouldn't necessarily say that the city or the people are poor, but it is certainly not New York City.

Lifestyle
Like most small American towns, the way of life in Vicksburg is simple. People keep to themselves and enjoy the natural beauty that is evident in Mississippi. Living most of my life in Texas, the other huge difference I notice is the abundance of casinos and the prominence they hold. People flock to these establishments, and since turning 21, I have witnessed first-hand their luster. The days I spend there are spent hunting, fishing, and gambling. Really, what more can a 22 year old college student want?

My Favorite Spots
I love Vicksburg for a number of reasons, but more than any, it is because of the places. I am drawn to the casinos like Ameristar and to the abundance of American history littered in the Civil War Museum. But the reason I truly hold it so dear is because of my birthright: "Glory on the Lake." In 1874, my great great great grandfather purchased 1800 acres of land along the Yazoo River. This land has since remained in my family as a refuge 20 miles off I-20 for hunting, fishing, and enjoying the scenery. It has flooded 4 times and been wiped away, but we have always rebuilt. All generations of my family occupy it, and we have houses and camps built all over the land. It is truly the most incredible place on this Earth, and one day, it will be mine. However, the coolest aspect of it all is the fact that 35 minutes of the major Coen Brothers film O Brother, Where Art Thou? was filmed on the land. If you have never seen the film, I implore you to watch it. It has wonderful music and an even better story and acting.

Vicksburg, Mississippi will always be my home. It's a simple place with not much to offer most people, but those who propagate from there are the salt of the Earth. The simplicity of it is what I like best.

The Civil War Museum, Ameristar Casino Boat, Picture of me on the levy at "Glory on the Lake", A scene from O Brother, Where Art Thou? (the same area as the above shot)

January 28th, 2013 Guest Lecture
Assignment #3, Task #1

In class on January 28th, we were greeted with a pair of gentlemen who presented their local developments on a new project in the Boonville area. While both of these men have other occupations and interests solely beyond development of the site, they were able to effectively connect many of the concepts we have learned thus far in class and illustrate the scope of a project of this magnitude.

Firstly, the two men who came to present to class were Mike Gentry and Sam Harrison. These men teamed up for this project, but both have careers beyond that of the project. Mr. Gentry is involved extensively in real estate law and Dr. Harrison is a practicing physician and the owner of the land in question.

The project that these men teamed up for involves constructing residential living for multi-generational families and elderly. To do this, there have to be several steps taken to ensure the proper steps are taken to begin construction. Included in this process is rezoning the land from it's previous designation as Ag Exemption to a TIRZ (Tax Incremental Reinvestment Zone). This, of course, requires a different set of property taxes to be paid on the land. In this case, Dr. Harrison used to pay only $148 in property taxes versus the projected $100,000 that will be needing to be paid on it now. In addition, any land that is developed in Texas must be platted. Platting the land simplifies the real property and makes describing the area much easier. This shows the divisions much more clearly and is a necessary part of the development process.

While Dr. Harrison and Mr. Gentry are still involved in this project together, there were several interesting parts that were presented. Of all the things discussed, I found it most interesting the way that the land was procured by Dr. Harrison initially. As he explained it, his grandfather won the land in a poker game in Boonville back when it was more a wild west town. Also, I enjoyed the story about the cemetery being located near the property and the city requiring a study to ensure the integrity of the bodies still buried today.

While this was the first guest lecture of this course, I am looking forward to having more guests present their ideas and their experiences in the world of real estate in the future.