CCOF Update:

Here's my information regarding the pending sale of the Country Club of Franklin to the City of Franklin.

The closing on the battlefield park is tentatively set for late November 2005. At that time, Franklin's Charge will be required to deliver $2.5 million to the City to acquire the property from its current owners (Rod and Kay Heller).

Franklin's Charge continues to raise funds. In July, Franklin's Charge announced that it had reached $2.5 million in cash and pledges. However, Franklin's Charge continues to raise funds to cover anticipated closing costs, cover interest expense on the loan discussed below, and to reduce the principal amount of the needed loan.

Of the $2.5 million in cash to be provided at closing on behalf of Franklin's Charge, $500,000 will be provided by the American Battlefield Protection Program; $400,000 from the Civil War Preservation Trust, and the remainder of the cash directly from Franklin's Charge.

The majority of funds provided by Franklin's Charge will be made available through a loan provided by AmSouth Bank, National City Bank, First Tennessee, Regions Bank, Pinnacle Bank, and SunTrust Bank. The loan is based on the pledges and commitments made by many individuals and businesses in our community. Most of those pledges are payable over five years.

Franklin's Charge is well aware that in order for the battlefield acquisition to be accomplished, Franklin's Charge will be required to deliver at closing $500,000 from ABPP, $400,000 from CWPT, and $1,600,000 in other cash proceeds (a total of $2.5 million).