Tiger Woods has made it official, according to an Associated Press report:  He will make his return to professional golf at the Masters golf tournament in Augusta in a few weeks.

        Earlier indications were that Woods could return as early as next week's Bay Hill Classic near his home in Florida.  Arnold Palmer, host of the tournament, has been especially supportive of Woods in the wake of his Thanksgiving night crash and subsequent revelations of rampant adulterous womanizing.  But the Masters, which has a reputation for strict crowd and media control, was the more logical choice for the coming back party.

        Woods' return may be modest good news for Cliffs Communities founder and developer Jim Anthony, who has been among the golfer's most loyal supporters since the scandal emerged.  Anthony attended Woods' recent press conference and talked later about the man-hug they exchanged at the event.  If Woods can get things in order in his personal life, win a tournament or two and dull the noise in the media, Anthony may be able to rechurn the marketing machine for Woods' first American course, at The Cliffs' High Carolina community.  If we were Anthony, however, we'd be cheering more loudly for the Dow Jones Industrials to add another 20% or so in overall value.

        High-end planned golf community developers will be looking toward the Carolina mountains and Cliffs Communities property owners in coming weeks to determine if the path to cheap financing lies within their own communities.  Developer Jim Anthony and his group have asked Cliffs property owners to lend him $60 million or more to complete all promised amenities at his latest two communities, Mountain Park and High Carolina, where Tiger Woods is still on tap to design his first American golf course.  Anthony has promised interest payments of 7% to the owners for their minimum $100,000 investment each.

        In the external markets, The Cliffs would pay interest well into double digits and, in the case of

What happens at The Cliffs won't stay at The Cliffs.  Other high-end golf communities will be watching closely.

default, coldly calculating financial institutions would wind up owning the communities' undeniably lush amenities.  That potential will hang over discussions during the next 10 days as developer and property owners go through a final round of summaries and question and answer sessions.

        Some Cliffs owners read this blog.  One wrote me yesterday that “the loan request has a good chance” of acceptance at the minimum total level of $60 million.  The Cliffs, wisely, has proposed the loan as if it were a regular bond offering in the open market, complete with all the “financials, risk factors and due diligence” of a major bond offering.  A final tally is expected in the next few weeks.

        “In my opinion,” the Cliffs owner wrote, “it has been a very professional approach, both from the Cliffs and the committee of property owners.”

         What happens at The Cliffs won’t stay at The Cliffs.  Other high-price-tag golf communities in financial difficulties will follow the results closely and act accordingly.  The Cliffs vote may even cause a momentary distraction for a certain golfer turned designer who, reportedly, is getting his game on for the upcoming Masters golf tournament.