CLUB NEWS
A TAP ON THE SHOULDER
Huck learned it was Monaghan’s plan to purchase the land and develop home sites, then attempt to strike a deal with Forest Highlands for tee times at the Canyon Golf Course. Huck knew that was unlikely since the very objective of purchasing the property was to mitigate the saturation of play on the Canyon.
An executive with DMB Development and resident of Forest Highlands, Jim Hoselton, shares the back story.
“It was a Christmas Eve Service at St. Barnabas on the Desert in Scottsdale. I remember it very well. I received a tap on the shoulder from someone sitting behind me in the pew,” Hoselton recalled. “It was Jim Simmons and he whispered, ‘We need DMB’s and your help with Forest Highlands.’” The discussion and negotiation would involve having DMB as a partner if the HOA financing was not in place and also if the auction price exceeded the Board of Director’s bidding authority. In effect, DMB would step in at the appropriate time, if needed, as the “White Knight.”
Jim Hoselton explained what took place next.
“Monaghan was the only one bidding against us. He was also a member of Forest Highlands. The bidding went back and forth and the final bid by DMB was $6.2 million. I had a blank check with me and after we won the bid, I had to write it out and sign it,” shared Hoselton. “I promise you… my hands were shaking as I wrote it out. So DMB acquired the land and at the time we didn’t have a formal written agreement with the Forest Highlands’ Homeowner’s Association.” Huck and Simmons were pleased with the result and the negotiations began with DMB. Huck recalled the agreement in principle.
MEMBERSHIP MEETINGS
According to the April 1996 ‘Voice in the Pines’ newsletter, (thank you Patty Ashbrook) the Board initiated Open Forums and Special Meetings of the Members in the spring of ’96. The meetings would gauge the member’s interest and determine the fate of the expansion. After multiple sessions, a vote was taken and the residents approved.
The auction was set for May 15, 1996 at 9:30 a.m. at the Coconino County Courthouse.
As the date of the auction approached, there was concern the cushion between the valuation and money raised from the members might not be enough. The Board of Directors learned of at least one other interested bidder and it was unknown who else would appear at the auction.
THE COUNTY COURTHOUSE
“The auction was literally on the Courthouse steps of Coconino County,” Hoselton shared. “I believe it was the only auction in the history of the County that took place on the steps.” Len Huck was also on the steps representing the Forest Highlands HOA that bright, sunny morning. The only other person besides the clerk-in-charge was James Monaghan, a Paradise Valley resident, developer and land speculator.
VOICE IN THE PINES | OCTOBER 2022 6
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