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j <br />ver Resolution 21-54 <br />A Resolution Repealing Resolution No. 21-40 and Approving a <br />Conveyance of Pinewood Golf Course to Baer Necessities, LLC <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WHEREAS, the City repealed its approval of the AJT Agreement under Resolution No. 21-40, on <br />June 30, 2021, in order to move forward with a Purchase Agreement ("Purchase Agreement") for <br />the 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 />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, <br />Minnesota, as follows: The Purchase Agreement is hereby approved, and the Mayor, City <br />Administrator, and City Clerk are hereby authorized to execute and deliver all necessary documents <br />required under the terms of the Purchase Agreement and Interim Management Agreement. <br />Passed and adopted this 19`' day of July 20Wn <br />z,yor <br />A <br />Tina Allard, City Clerk <br />216352v1 <br />