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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business June 7, 2021 Cal Portner, City Administrator <br />Item Description Reviewed by <br />Conveyance of Pinewood Golf Course to AJT Zack Carlton, Planning Manager <br />Holdings, LLC <br />Reviewed by <br />Andrea McDowell Poehler, City Attorney <br /> <br />Action Requested <br />Adopt, by motion, a resolution approving the conveyance of Pinewood Golf Course to AJT Holdings, LLC. <br /> <br />Background/Discussion <br />On March 1, 2021, the City Council accepted a proposal from Jennifer Abrahamson, Trevor Birdsall and <br />Adrienne Thompson for the purchase of Pinewood Golf Course and directed staff to develop a purchase <br />agreement. A notice was sent to Elk River Golf Club terminating the management agreement between the city <br />and the club, effective July 10, 2021. The club agreed to vacate the agreement effective June 30, 2021, to ease the <br />operational transition to the new property owners. <br /> <br />The Planning Commission reviewed the sale of public property and concurred it is consistent with the <br />Comprehensive Plan. <br /> <br />The ownership group, AJT Holdings, LLC, has agreed to purchase Pinewood for $420,000 and operate the golf <br />course for no less than 15 years. They will pay $100,000 in cash at closing and pay the balance over 15 years in 15 <br />equal installments together with an interest rate of 4% per annum. <br /> <br />Because the course has municipal water and sewer services available, the city is required to connect the clubhouse <br />to city services. Staff will coordinate the connection with the new property owners. <br /> <br />The updated Purchase Agreement was not available at the time the agenda packet was published. It will be <br />available at the meeting. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The Elk River Mission <br /> <br />Attachments <br /> Resolution <br /> Planning Commission Resolution <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br /> <br />