CCC FRIENDS III LIMITED PARTNERSHIP
37 South Main Street, Suite A
Chambersburg, PA 17201
717.729,2007 or 717.264.6759
CCC Friends III Management Inc - GENERAL PARTNER - CCC FRIENDS III
January 31, 2023
To: CCC Friends III Subscribers,
THANK YOU FOR YOUR SUPPORT OF THE COUNTRY CLUB!
We thought that you would appreciate an update on the current status of CCC Friends III. As you probably know, we had a very successful Offering, with over $3,600,000 in subscriptions which are being held in escrow at Orrstown Bank. You are earning approximately 3% on the funds that accompanied your investment paperwork. Once the final loan to the Club is made (likely in the Fall), your investment will begin earning 6%.
We, Friends III, are essentially a bank and our customer is the Chambersburg Country Club. From the Club’s annual meeting and from other Club communications, we know that the Club Board of Governors is to be commended for working hard to finalize the scope and cost of the irrigation and tee box projects. At some point later this year, said scopes and resulting costs will dictate how much of the monies raised by the Offering the Club will be borrowing from Friends III.
If the amount that they choose to borrow is less than we have raised by the Offering, we will reduce the size of the Offering by either proportionately reducing each investors’ partnership interest, by reducing the size of some of the larger investors’ partnership interest, or by some similar methodology consistent with the disclosures contained in the CCC Friends III Private Placement Offering.
In the meantime, think SPRING, and let's all do what we can to insure that CCC continues on its strong financial path.
By: CCC Friends III Management, Inc – General Partner
Rick Bodner, Page Etchison, Adam Schellhase, Kurt Tolbert, Charlie Tornetta