BEND, Ore. (KTVZ) – Six months after River’s Edge golf course owner Wayne Purcell announced plans to sell the property to Pahlisch Homes, which planned to convert about half of the course into nearly 400 homes, prompting objections and later a lawsuit, a settlement was reached to ensure the 18-hole course remained in place at all times.
Instead, the Purcell family would sell the golf course to the community for $ 500,000, including the 141-acre course, lodge, maintenance building and equipment, residents were notified by email. earlier this week.
If the sale goes through as proposed, a restrictive covenant would be entered requiring that the golf course be maintained and operated as an 18-hole playable course open to the public in perpetuity.
Under the terms of the settlement, buyers have 120 days to conduct due diligence on the acquisition, reviewing past finances and future potential. If they do, the close will take place within 30 days.
Until then, all disputes, including an arbitration process, will be suspended. If the purchase does not take place, the parties could resume their legal action.
The plan calls for the creation of a limited liability entity to purchase the course owned and controlled by the River’s Edge owner associations, thereby ensuring community ownership and control.
In a subsequent email, homeowner groups said news of the proposed settlement was “well received”, with “overwhelmingly positive feedback”. So far, they said, “we have no reason to believe that the golf course has lost money, and we have many reasons to believe that there is great upside potential, in individual at a purchase price of $ 500,000 “.
They also said the initial information on water rights “is positive and encouraging” and that they would seek “to have the golf course managed by a company experienced in golf course management”.