The local public course up the road from me, which is a really good course (just pace of play issues on the weekends) had this type of deal too a few years back. I think it was like $199/yr, but the catch is that it's hilly and difficult to walk unless you're young and/or in very good shape physically, and the cart fees were a bit higher. There were also limited windows for tee times on the weekend, as in before 7 am or after 11 am. If one was a member of the special membership program, they couldn't play between 7 or 11 am on Sat or Sun.
It was still a great deal for those who get out more than a few times per season.
They've done away with that now and have an annual membership which is $995/yr, carts not included. Still a very good deal considering it's $65 to play there during prime time weekend hours without a membership.