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ITEM: DIRECTION ON THE ACQUISITION OF THE WANDERERS EXECUTIVE GOLF COURSE LOCATED WITHIN THE PLATTED SUBDIVISIONS OF LAKEFIELD SOUTH 2A AND 2B
REQUEST: Council direction regarding the acquisition of the Wanderer's Executive Golf Course located within the platted subdivisions of Lakefield South 2A and 2B. In the event direction is given to enter into negotiations to purchase the property, staff recommends a purchase price not to exceed $1,071,575.51 or $28,311.11 / acre for the purchase of a net acreage of 37.85 acres in an "as is" condition and with each entity paying their own closing costs.
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EXPLANATION: Wanderers Golf Club LLC (Club) offered to sell to the Village of Wellington the Executive Golf Course in 2013 for $28,311.11 per acre based on an appraisal completed by SF Holdings for the Club. Wellington has considered acquiring the Wanderers Executive Golf Course for park purposes. In anticipation of Council's consideration, the Village obtained three additional appraisals of the property in 2014 for use in determining an appropriate purchase offer. The executive summaries of those appraisals obtained by the Village are attached. Briefly, the appraised values were:
Appraisal Firm Appraised Value Per Acre Value Comparisons
Anderson & Carr $1,400,000.00 $34, 696.00/ ac nurseries
Callaway & Price $700,000.00 $17,348.20 /ac golf courses
Appraisal & Acquisition $3,485,000.00 $86,369.27/ ac vacant lands
Average Appraised Value $1,861,667.00 $41,681.15/ ac
SF Holding $1,274,000.00 $28,311.11/ ac public lands
The current owner has offered to sell the Village the Executive Golf Course which has been out of play for the past seven years. Some maintenance (mowing of the grass) by the Club has continued during this period, Should Council wish to acquire the land it can be used as park land and open space. Considering all four appraisers evaluated the potential for future development of this property dif...
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