8.1 SR 03-01-2021 - Laserfiche WebLink

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re-established, and overall profitability of the course has grown each year from 2016 to 2020. Benefits of This Proposal Elk River City Council: The primary value used for the sale is the exchange of land. This allows the buyer to operate with little debt which means Pinewood remains a golf course for a minimum of 30 years. Elk River City Council receives the highest assurance that the purchase agreement will be executed. The Elk River Park and Rec receives a highly coveted property of 27 acres that will be added to the Woodland Trail System. Elk River Citizens : They know that for a minimum of 30 years that Pinewood will remain a golf course for their enjoyment. The citizens who use Woodland Trail System continue to have a true outdoor experience with no development encroaching the trail. The residents who live by Pinewood and the residents adjacent to this 27 acres of land strongly feel both of these properties need to stay a green space. Elk River Golf Club : Utilizing our experienced staff we will efficiently operate both Pinewood and Elk River golf courses. This helps our economy of scale which gives both courses a better than average success rate. We can offer a good golf facility to all residents regardless of their golfing skills. Capacity Finance Acquisition Elk River Golf Club cash payment of $25, 000 will be paid on Thursday April 1 s1 2021. $25,000 has been put in an escrow account at the Bank of Elk River and will not be financing any part of the purchase of Pinewood Golf Course. Elk River Golf Club has started a capital improvement fund for both Pinewood Golf Course & Elk River Golf Club to ensure long-term success of both golf courses. $17,500 to be spent in 2021, $24,000 to be spent in 2022 and $18,000 to be spent in 2023. Being an established golf course, ERGC has the ability to cycle equipment between both Pinewood Golf Course & Elk River Golf PINEWOOD GOLF COURSE - 2/25/2021 - PAGE 3