Thank you for your interest in our lakes at Ironwood Ranch. The prospectus for purchasing a share in Ironwood Ranch is being prepared. As this is just a preliminary outline, the information is not complete and prospective buyers should not rely on it to explain aspects of the purchase. Those seriously interested in purchasing should request a full prospectus and rely solely on the prospectus for their information. William Randall Heinrich & Gail Heinrich are referred to below as "manager"
TopEach of the lakes will be structured as a Limited Liability Corporation (LLC)1) The LLC will own the property (20 acres); buyers will own a share of the LLC
2) There will be seven shares on Lake 1 and seven shares on Lake 2
3) Each share may be owned by a maximum of two partners. Partners must share a rotation, but this allows more people to be able to afford to buy.
4) Each share shall elect one member to a board of directors for their lake, which will be the governing entities for each lake.
5) Each share will have a non-deeded space of land for its exclusive use. This area shall be defined and always associated with that share. Shareholders may select their areas on a first come, first served basis. Other parts of the property will be designated as common areas.
6) Shares and associated improvements may be resold.
TopImprovements provided by manager1) Docks (foundation, rough framing and beams only—no deck, no roof)—one at each shareholder area and one at the launch ramp.
2) Slalom course anchors and initial set of sub-buoys (to record-capability specifications)
3) 2 slalom judging towers on Lake 1
4) Boat launch ramp
5) Shoreline: Lake 1 is rock dust; Lake 2 is crushed rock
6) Road improvements: Oiled road base from Millux Rd. south along individual sites
7) Domestic (drinking) water system up to each shareholder area
8) Irrigation water system to each shareholder area
9) Water delivery system from the well to each lake
TopOther conditions of property use1) Manager shall be able to use all unsold rotations for Ski Club or rent/lease
2) Agricultural use as primary use of the property is currently required by zoning and Williamson Act contract. This is accomplished by operating a catfish farm. In return the county lowers our property taxes (assessed on ALL land & improvements) by approximately 90%
3) County zoning regulates the number and type of structures that may be built. The managers make no guarantees on what you will be allowed to build by government agencies.
4) Lakes 1 & 2 shall be made available for tournaments and clinics—see prospectus for details
5) Provisions for maintenance of lake, well, pump, roads, fencing and other common areas are provided as detailed in the prospectus
6) Motorized vehicles (including golf carts, ATV's, go-carts, scooters & motorcycles) may only be used on the property for transportation from one point to another, not as toys. No joy-riding, off-roading, etc.
TopInitial rules—additional rules may be made by shareholders1) Boat rotation by share, starting at the north end
2) Boats must be "tournament-type" with center engine and center fins on lake 1; wakeboard boats are allowed on lake 2, if they are small enough to operate safely; board of directors is responsible for rules to ensure all boats allowed on their lakes can be operated safely on their site
3) Boats to have certificate of liability insurance for a minimum of $500,000 (naming the LLC, Ironwood Ranch Corp. & W.R. & Gail Heinrich as additional insured)
4) Structures and improvements (fixed or mobile) to be approved by each lake's board of directors
5) A trailer or motor home may not to be the focal point of shareholder areas, but may be used if camouflaged with landscaping, decks, trellises, etc.
6) Commercial uses (other than Ironwood Ranch Corp. fish farm) are prohibited
TopFish Farm1) To be operated by Ironwood Ranch Corp., which is owned by manager
2) Areas used by fish farm to be designated in prospectus
3) Fish farm may be operated in lakes 1 and 2 until 4 of the 7 shares are sold. Thereafter fish shall not be grown in Lakes 1 or 2 unless requested by the board of directors of the lake.
4) Shareholders and guests shall not engage in any fishing activities
TopPricingPlease view the Individual sites page for information on Pricing.
TopMonthly Fees- to cover normal operation and maintenance1) Initially will be approximately $300 per share; to be reevaluated after one year or after all shares are sold, whichever comes first
2) Manager pays monthly fee only on shares while being used by or leased by manager.
3) Monthly fees shall be adjusted to be sufficient to create reserves for minor improvements and the repair and/or replacement of capital assets (such as well, domestic water system, irrigation, roads). The well pump was recently rebuilt.
TopAssessments- for large, unanticipated or new capital expensesAssessments for any major improvements will be paid only by sold shares. The purchaser of a new share shall reimburse the owners of sold shares proportionally for any assessments previously paid. For example: if two shares have been sold when the LLC decides to assess a total of $3000 for an improvement, then each share will pay $1500. When a third share is sold the new owner will reimburse the two existing owners $500 each, so that each of the shares has now spent $1000.
TopWater source1) The water source is the existing well on Ironwood Ranch. Cost of pumping water & maintaining the well & pump will be divided proportionately as spelled out in the prospectus.
2) Ironwood Ranch Corp. owns 25% of another well ("Well 2748") and gets 25% of the pumping time. In the event the Ironwood well is not operational, the water from Well 2748 will be used as follows: first for community domestic water, second for Ironwood Ranch Corp., third for Ironwood Lakes 1 & 2. Costs of using Well 2748 will be divided proportionately as spelled out in the prospectus.
All information is subject to change without notice.
Rev. 6/4/2008