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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Administration March 6, 2006 <br />Item Description <br />Consider Contract for Deed-Pinewood Golf Course <br /> <br /> <br />Administrator <br /> <br />Introduction <br /> <br />The Pinewood Golf Course contract for deed has been drafted by the City Attorney and is being <br />presented for Council review and approval. <br /> <br />Discussion <br />City Attorney Peter Beck will review the proposed contract for deed for the purchase of Pinewood Golf <br />Course. The draft has not been reviewed by Mr. Krause; however, in order to facilitate a closing before <br />golf season starts, this is being presented prior to the seller's approval. If material changes are requested <br />by Mr. Krause, the agreement will need to come back to the Council for approval. As presented, the <br />contract includes the terms and conditions previously approved by the Council. <br /> <br />Financial Impact <br />The purchase price is $1,800,000 plus interest with sources to be determined. Possible funding sources <br />include Park Dedication, RDF Reserve, Capital Outlay Reserve, and other landfill fees not dedicated for <br />other purposes. Funding sources for the purchase should be identified prior to making the down <br />payment. If the Council wishes, the funding discussion can be delayed until the March 13 work session. <br /> <br />Attachments <br /> <br />None. The contract for deed will be distributed separately. <br /> <br />Action Requested <br />The Council is asked to consider approval of the contract for deed. The Council may also identify <br />funding sources or delay the discussion on funding to an upcoming meeting. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />s: \ Council\Lori\2006\Pinewood CD.doc <br />