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ITEM: RESOLUTION NO. R2014-69 (WANDERERS EXECUTIVE GOLF COURSE)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL APPROVING AN AGREEMENT FOR THE PURCHASE OF CERTAIN REAL PROPERTY KNOWN AS WANDERERS EXECUTIVE GOLF COURSE; AUTHORIZING THE MAYOR OR VICE MAYOR AND THE VILLAGE CLERK TO EXECUTE ALL DOCUMENTS INCIDENT TO CLOSING, AND PROVIDING FOR AN EFFECTIVE DATE.
REQUEST: Council direction regarding acquisition of the Wanderers Executive Golf Course located within the platted subdivisions of Lakefield South 2A and 2B. The purchase price is $1,000,000.00, or $26,420.07 / acre, for a net acreage of 37.85 acres in an "as is" condition and with each entity responsible for their own closing costs.
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EXPLANATION: Wanderers Golf Club LLC (Club) offered to sell to the Village the Executive Golf Course in 2013 for $28,311.11 per acre based on an appraisal completed by SF Holdings for the Club. The Village obtained three additional appraisals of the property in 2014. The executive summaries of those appraisals obtained by the Village are attached (see below). At the October 8th Council meeting, staff was directed to finalize negotiations with the Club and seek the "best" price.
The survey provided by the Club contains 40.35 acres of golf course; 1.5 acres is actively be used as a practice facility (putting/chipping green). In addition, the Club is requesting 1.0 acre of Village owned lake area adjacent to and abutting the practice area for future development (parking lot). The net acreage purchased would be 37.85 acres.
Funds are available from General Fund Unassigned Reserves, but would need to be transferred from Unassigned General Fund Balance through issuance of a Budget Amendment. The remaining Unassigned General Fund Balance is projected to remain within the 25% to 27% range of the 2015 General Fund budgeted expenditures fund balance, thus complying with the Village's Fund Balance Policy
If Council decides to move forward with the a...
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