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Club. Using this tactic will use our resources to ensure the playability <br />and success of Pinewood. For example, ERGC would be able to <br />provide a used green mower for $7,000 instead of another party <br />purchasing a comparable green mower at the retail price of <br />$14,000. <br />Section 2 Purchase Terms <br />Time Frame <br />Utilizing the processes currently in place along, with Elk River Golf <br />Club's purchase price, ERGC agrees to continue to manage & <br />keep Pinewood Golf Course a public golf course for a minimum of <br />30 years, showing commitment to the citizens of Elk River. <br />Type of Purchase <br />The proposed purchases fee title. <br />Purchase Proposal <br />Elk River Golf Club's purchase proposal $25,000 cash due April 1 S' <br />2021. All survey & closing costs will be paid by the City of Elk River, <br />and ERGC will assume all property taxes in 2021 upon successful <br />closing. The land outlined in appendix which is approximately 27 <br />acres will be sold to be preserved as green space. All equipment <br />will be sold with property that was used in 2020, see attachment in <br />appendix for detailed list. <br />Finances <br />Elk River Golf Club has set up an escrow account at the Bank of Elk <br />River and the offered $25,000 has already been set aside in this said <br />escrow account, ERGC will not be financing any part of the <br />purchase of Pinewood Golf Course. <br />Attached is the audited 2018, 2019 P&L along with the unaudited <br />2020 P&L. <br />PINEWOOD GOLF COURSE - 2/25/2021 - PAGE 4 <br />