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216352v1 <br /> Resolution 21-_48_ <br />A Resolution Repealing Resolution No. 21-40 and Approving a <br />Conveyance of Pinewood Golf Course to Baer Necessities, LLC <br /> <br />WHEREAS, the City of Elk River (“City”) approved a Purchase Agreement for the conveyance of <br />the Pinewood Golf Course to AJT Holdings, LLC (“AJT”) by Resolution No. 21-40 (“AJT <br />Agreement”); and <br />WHEREAS, AJT failed to execute the AJT Agreement and notified the City Administrator that <br />AJT does not intend to execute the AJT Agreement; and <br />WHEREAS, the City desires to repeal its approval of the AJT Agreement under Resolution No. <br />21-40, in order to move forward with a Purchase Agreement (“Purchase Agreement”) for the <br />conveyance of the Pinewood Golf Course to Baer Necessities, LLC (“Purchaser”) in accordance <br />with the terms of the Purchase Agreement between the City and Purchaser attached hereto as <br />Exhibit A, under substantially similar terms as the proposed AJT Agreement; and <br />WHEREAS, in expectation of the closing of the AJT Agreement, the City also terminated the <br />agreement with Elk River Country Club, Inc. (“ERGC”) for the management of the Pinewood Golf <br />Course (“ERGC Management Agreement”), effective the date of closing under the AJT Agreement; <br />and <br />WHEREAS, with the termination of the ERGC Management Agreement, the City will need an <br />operator of the Pinewood Golf Course and desires to enter into an Interim Management Agreement <br />with the Purchaser until the Closing pursuant to the terms set forth in the Interim Management <br />Agreement attached hereto as Exhibit B. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: 1. Resolution No 21-40 approving the AJT Agreement is hereby repealed. <br />2. The Purchase Agreement is hereby approved; 3. The Interim Management Agreement is hereby <br />approved; and 4. The Mayor, City Administrator, and City Clerk are hereby authorized to execute <br />and deliver all necessary documents required under the terms of the Purchase Agreement and <br />Interim Management Agreement. <br /> <br />Passed and adopted this 30th day of June 2021. <br /> <br /> John J. Dietz, Mayor <br />ATTEST: <br /> <br /> <br />Tina Allard, City Clerk <br />