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Information for Prospective Home Site Buyers
Q:What is Jacoby Ridge
A: Jacoby Ridge Golf Community is intended to be one of the finest residential golf communities in Wyoming. The existing University of Wyoming Glenn “Red” Jacoby Golf Course will be totally redesigned into a dramatic 27-hole facility. The new golf routing and strategy plan will incorporate the natural terrain and change of elevation into the playing strategy. In addition, the overall golf facilities development plan will include a new clubhouse, maintenance facility, and state of the art, double ended practice facility, with an indoor/outdoor practice area. The development will consist of approximately 1,000 home sites. The residential home sites consist of approximately 650 single family lots, which are price and location sensitive and 350 patio homes, which are located on smaller size lots. The entire development encompasses approximately 720 acres. Jacoby Ridge will provide an unmatched residential environment in southeastern Wyoming.
Q: How does the priority reservation system work?
A: Each priority reservation, accompanied by a $2,500 refundable deposit, secures the right to be included in a pool of prospective buyers requesting residential lot reservations within the Jacoby Ridge Development. Priority reservation forms will be date and time stamped upon receipt. The Priority Reservation Lottery was held on June 7th, 2006. Groups of 20 priority reservations, based upon the order in which they were received, were placed in lottery drawings to determine the lot selection order. Any Priority Reservation Agreements received after June 7th, 2006, will be date and time stamped upon receipt and placed in the order received. Each priority reservation deposit will be placed into an escrow account, and is refundable at any time.
Q: When will people know if the project is going forward?
A: On November 12, 2005, the UW Board of Trustees agreed to sign the development agreement once it was completed. On April 26, 2006, the University of Wyoming signed the final development agreement with the developer. The plat has been submitted to the City of Laramie and is currently under review. The city of Laramie must approve the plat before construction on the project can begin. We anticipate approval from the city sometime in 2006. Development of the entire Jacoby Ridge site will take place in sequenced phases of some 20 years.
Q: Where is the escrow account located?
A: First Interstate Bank, Laramie
Q: Will the escrow account bear interest for the person holding the priority reservation?
A: No, the escrow account is non-interest bearing.
Q: Will UW earn interest on the escrow account?
A: No
Q: Will I be able to get a refund of my deposit?
A: Yes, the $2,500 deposit is refundable at any time.
Q: When will people submitting priority reservation forms be able to select lots?
A: The Lottery was held on June 7th, 2006 to determine the order of lot selection for all Priority Reservations in the system at that time. Any Priority Reservation Agreements received after June 7th will be time and date stamped and placed in the order of when the agreements were received. All Priority Reservation Holders are invited during the months of June and July, 2006, to visit Jacoby Ridge to view the staked lots in Phase I. Starting in August, 2006, appointments will be made in the lot selection order for Priority Reservation Holders to sign a lot reservation agreement on a specific lot of their choice or a patio home priority reservation agreement for those interested in a patio home.
Q: Is there a down payment for the lots and is it refundable?
A: Yes, when Priority Reservation Holders select their lot and sign the lot reservation agreement there is a 15% refundable deposit required. 15% of the purchase price of the lot chosen is required to be deposited into an escrow account, which will be fully refundable up until the Sales Contract is signed by the buyer. The $2,500 deposit already in the escrow account can be put towards that 15% deposit.
Q: Is there a down payment for the lots and is it refundable?
A: Yes, when Priority Reservation Holders sign the patio home priority reservation agreement there is a $10,000 refundable deposit required to be deposited into an escrow account. The $2,500 deposit already in the escrow account can be put towards that $10,000 deposit.
Q: When will the Sales Contracts be signed?
A: After the City of Laramie approves the final plat, a letter will be sent to all Lot Reservation Agreement holders inviting them to make an appointment to sign the Sales Contract. Once the Sales Contract is signed by the buyer, the closing will be scheduled and the 15% down payment becomes non-refundable.
Q: What is the size of the lots and patio homes?
A: It is anticipated that all single family lots will range in size from approximately 15,000 square feet to over 20,000 square feet. All patio homes will be located on lots of approximately 6,000 square feet. It is anticipated that there will be three models of patio homes, ranging in size from approximately 1,500 square feet to over 2,200 square feet.
Q: What is the price range for lots and patio homes?
A: At this time it is anticipated the single family lots will start at about $50,000. The price of the patio homes will start in the mid-$200’s and will be priced to reflect the model size and lot locations.
Q: Have soil and other geological tests been performed to determine the feasibility and cost of home features such as basements?
A: The developer has performed a geotechnical survey, including soil and subsurface, drilling and sampling, vertical sections, topography of rock and other bearing strata, subsurface water, soil properties, slope stability, corrosive materials and gases, and percolation rates. However, it is the responsibility of prospective purchasers to have lot-specific information developed when lots are available for purchase.
Q: Will the developer be providing the usual kind of infrastructure?
A: Yes, the developer will be responsible for providing water, sewer, and electricity services, as well as paved roads.
Q: How is the property zoned?
A: The existing property and existing golf course are zoned LR, which generally permits one-family dwellings, public schools, public parks and playgrounds, and libraries.
Q: Will there be restrictive covenants on the kind of home I can build?
A: Covenants are currently being drafted. The purpose of the covenants are to protect the investment of Jacoby Ridge homeowners. The covenants will address minimum square footage requirements for homes, the types and quality of building materials, and landscaping standards. Before lot owners are able to build a home on their lot they will need to submit house plans and landscaping plans to the Architectural Review Committee for approval. Before people actually close on their lot they will have ample time to review the covenants.
Q: Can I just buy a lot and hold it for investment?
A: Yes. There is no time limit by which a home site owner must build. A home site owner does not ever have to build.
Q: Can I trade up to a more expensive lot if I haven’t developed my original lot?
A: Yes. You can trade up for full credit on the cost of your original lot. If the original purchase carries with it the benefits of a Founding Membership in the golf club (see below), that membership remains with the purchaser.
Q: Who is developing Jacoby Ridge?
A: Jacoby Ridge is being developed by Sheridan, Wyo. developer, Mark Isakson, of Parko Development, LLC. Mark was a partner in Sheridan’s Powder Horn Residential Development and was recently named as one of the top 20 golf course developers by Golf Inc. magazine. The new Jacoby Golf Course is designed by Tom Schroeder of Tom Schroeder Designs of Scottsdale, Arizona.
Q: What are the property boundaries?
A: The current 18-hole Jacoby Golf Club is bounded by 30th St. on the west, Willett Drive on the south, Grays Gable Rd. on the north, and a ridge of land to the east at approximately the beginning of the Indian Hills subdivision. Expansion would occur on approximately 190 acres owned by the university east of the golf course and on some 400 acres northeast and southeast of the existing golf course. Those acres are owned by the Warren Livestock Company, which has donated the land to the University of Wyoming for the Jacoby Ridge project.
Q: Are there any benefits associated with purchase of the initial home sites?
A: Each of the initial home sites sold will include a Founding Membership, with benefits including 15-year waiver of dues in the golf club and green fees (does not include guests’ green fees), in addition to all the other benefits of club membership; free range balls; and access to members-only facilities and services. Founding Membership benefits are available to initial buyers and their immediate family members, and are non-transferable and offered on a non-equity basis.
Q: Can the original lot buyer transfer the Founding Membership with the property?
A: No
Q: Are there any other opportunities for club membership?
A: No final decision has been made. However, it is anticipated that once construction has begun on the golf course and at least the first 150 home sites have been sold, additional Club Membership levels will be available for purchase by additional Jacoby Ridge lot buyers and by members of the general public.
Q: What will be the cost of a Club Membership?
A: While that has not yet been determined, it may well involve a mix of initiation fees and monthly charges.
Q: Jacoby Golf Club is currently open to the public. Will members of the public continue to be able to purchase an annual pass or day passes?
A: Yes. The course and related facilities, such as the clubhouse, were developed with the Wyoming Land and Water Conservation Fund grant issued in 1968 that requires use for public outdoor recreation.
Q: Who can I contact for additional information?
A: For additional information call Chris Jensen, Director of Sales and Marketing, at Jacoby Ridge at 307-745-9035.
Revised 6-14-06
