Notice of Special Meeting

For owners of:
Lakeside (Woodmont) Units:
(601, 602, 603, 604, 605, 606, 607, 608, 621, 622, 623, 624, 625, 626, 627, 628)

Golf Course Village Units:
(301, 302, 303, 304, 305, 306, 307, 308, 309, 310)

Saturday, June 22, 2019 at 1:00 p.m.
at Renaissance Allentown
12 North Seventh Street, Allentown, PA 18101
484-273-4119
Renaissanceallentown.com

From Your Board: TAN Woodmont Full Overview
Woodmont (aka Lakeside): TAN Woodmont Amendment
Woodmont (aka Lakeside): TAN Woodmont Proxy Ballot
From Your Board: TAN Golf Full Overview
Golf Course Village: TAN Golf Amendment
Golf Course Village: TAN Golf Proxy Ballot
Frequently Asked Questions: FAQ’s

PLEASE NOTE: A HARD COPY HAS BEEN MAILED VIA USPS
TO YOUR LAST KNOWN ADDRESS

Dear Tanglwood Woodmont Owners:

We are calling a Special Meeting of all the owners at your locations. In the link above entitled “Full Overview” we discuss the basis for the meetings as well as the goals.  The Full Overview and all subsequent documents have been drafted and approved by legal counsel and reviewed and approved by the Tanglwood Board.  That said, there is a lot of information to review and consider.  This information will be covered at the Special Meeting.

Here is the abridged version:

THE HISTORY:
  • Tanglwood was first developed in 1983 and has been providing great vacations for over 35 years.
  • Most original owners were typically in their early 40’s when they purchased Tanglwood. Now some 30 years later, life circumstances are different.
  • Over the years, the Tanglwood Board has worked with numerous business partners to bring in new owners every year. This has gotten more challenging over the last 10 years.
  • Today, we are struggling to balance the annual budget and maintain reasonable condominium fees. The declining owner base and the logistical challenges with managing locations that are so spread out, are reaching a pivotal point.
 THE PLAN:
  • Currently we are stable with about a year and half of solid financial ground ahead of us.
  • If we don’t make the appropriate changes the resort will run into financial hardship.
  • Consolidate ownership to the Main Lakes Lodge location.
  • Sell the outer locations, Woodmont (aka Lakeside) and eventually, Golf course Village.
  • Reduce the overall operating costs
  • Use net proceeds from the sale of the buildings to replenish the Reserve and Replacement account balances, as well as improve/renovate the Main Lakes Lodge buildings, unit interiors and amenities as needed.
  • Create a smaller scaled and sustainable budget to carry the resort for decades to come.
THE STEPS:
  • We vote to amend the condominium documents to allow for the dissolving of the individual associations for Woodmont and Golf.
  • Next, we all vote to dissolve the Woodmont and Golf Associations.
  • Then we begin the process of clearing title by moving ownership from the outer locations to the Main Lake Lodge buildings or deeding back weeks to the association.
  • Next, we complete all legal work necessary to allow for selling the locations.
  • Finally, we actively list Woodmont and Golf for sale.
WHAT DOES THIS MEAN FOR ME?
  • Review the information presented.
  • Decide if you agree or disagree with the plan presented.
  • If you agree, decide how you will participate moving forward based on these options:
    • Deed-back your interest and simply walk away.
    • Change your ownership to another unit/week located at the Main Lakes Lodge and continue to enjoy your vacations.
    • Hold on to your current ownership, continue to pay your condo fees and when the buildings eventually sell and all expenses are paid, you will share in the net proceeds with other owners.
  • Decide if you will attend the Special Meeting and vote there or if you will vote using the supplied Proxy Ballot and mail it back.