6.4.A. SR 03-06-2006
City of Elk River
REQUEST FOR COUNCIL ACTION
Agenda Section Meeting Date
Administration March 6, 2006
Item Description
Consider Contract for Deed-Pinewood Golf Course
Administrator
Introduction
The Pinewood Golf Course contract for deed has been drafted by the City Attorney and is being
presented for Council review and approval.
Discussion
City Attorney Peter Beck will review the proposed contract for deed for the purchase of Pinewood Golf
Course. The draft has not been reviewed by Mr. Krause; however, in order to facilitate a closing before
golf season starts, this is being presented prior to the seller's approval. If material changes are requested
by Mr. Krause, the agreement will need to come back to the Council for approval. As presented, the
contract includes the terms and conditions previously approved by the Council.
Financial Impact
The purchase price is $1,800,000 plus interest with sources to be determined. Possible funding sources
include Park Dedication, RDF Reserve, Capital Outlay Reserve, and other landfill fees not dedicated for
other purposes. Funding sources for the purchase should be identified prior to making the down
payment. If the Council wishes, the funding discussion can be delayed until the March 13 work session.
Attachments
None. The contract for deed will be distributed separately.
Action Requested
The Council is asked to consider approval of the contract for deed. The Council may also identify
funding sources or delay the discussion on funding to an upcoming meeting.
Council Action
Motion by _
Second by _
Vote
Follow Up
s: \ Council\Lori\2006\Pinewood CD.doc