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ITEM: BINKS FOREST GOLF COURSE POTENTIAL ACQUISITION
REQUEST: Direction and discussion regarding the continuation of the evaluation of the acquisition of Binks Forest Golf Course, specifically the terms of a purchase and sale agreement as well as funding alternatives.
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EXPLANATION: On February 9, 2015, Council directed staff to review the feasibility of acquiring the Binks Forest Golf Course. Jordan Paul, managing member of Binks Exchange Co. LLC (BXC), offered the course for consideration for purchase by the Village on February 3, 2015. Since that time, staff has reviewed the course condition and financial considerations related to the course and its operations. Staff has presented multiple scenarios related to the Village operation of a municipal golf course. BXC has obtained an appraisal for the property that places the value for the property at $3,600,000. We are currently in the process of completing our own appraisal for the property. It should be noted that while multiple appraisals are typical of public land transactions, BXC has indicated that notwithstanding any other appraisals, it cannot entertain any valuation for the property below $3,000,000.
Given that the property acquisition is not funded in any portion of the FY 2016 budget, staff requires further direction and discussion from Council as to continuation of our evaluation of the acquisition of the property and more specifically, the terms of a purchase and sale agreement and funding alternatives should acquisition be pursued.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: NO
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Direction and discussion regarding the continuation of the evaluation of the acquisition of Binks Forest Golf Course, specifically the terms of a purchase and sale agreement as well as funding alternatives...
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