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4. In Proposal four, if the city desires a payment exceeding $500,000 for <br />the course, we would accept to pay $640,000. This would be broken <br />down by a $500,000 non-interest loan from the city of Elk River with a <br />yearly payment of $25,000 on the first of April each year until the loan <br />is resolved. We would also require being exempt from property tax for <br />the next ten years. We would pay the remaining $100,000, if accepted, <br />at the dosing of the purchase. This would include a balloon payment of <br />the remaining balance of the non-interest loan, in the tenth year. <br />If any which proposal is accepted, we would maintain the property as a golf <br />course for at least the next fifteen years. Our primary goal would be to <br />maintain the golf course as a family owned business since we've had multiple <br />family members work with Paul Krause on day to day operations. Our family is <br />very familiar with Pinewood Golf Course and want to restore it back to its glory <br />days. Our family has 20+ years experience maintaining the greens, and <br />irrigation systems on courses such as, Pinewood Golf Course, Princeton Golf <br />Course, Norfolk Golf Course, Riverwood Golf Course, and helped build from <br />scratch Creek Bend Golf Course in New Prague, MN. <br />Thank you for your time, if you have any questions please contact Mike at <br />(612)-479-1521. If accepted all financial statements and proof of funds will be <br />given at that time. <br />Sincerely, <br />Mike McGuiggan <br />