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With the 40% debt reduction at Elk River Golf Club the past 10 years <br />and the structure of the proposal, Elk River Golf Club is in a solid <br />financial position. With recent years of success and debt reduction, <br />Elk River Golf Club has the opportunity to make the purchase of <br />Pinewood Golf Course at this time. In addition to the great financial <br />position of ERGC, the buying power and equipment sharing <br />between both facilities will give Pinewood the advantage of having <br />more and newer equipment. <br />PINEWOOD GOLF COURSE - 2/25/2021 - PAGE 5 <br />