California developer has option to buy I.V. links
The Illinois Valley Golf Course
Heralded as “a new era for golfers in the Illinois River Valley”, an option by a California company to purchase I.V. Golf Course for $2,075,000 was sold Friday, Aug. 24 by the I.V. Golf Association (IVGA).
Manor Communities Development Co., LLC, of Lodi, has until Aug. 1, 2008 to exercise the option.
The sale would include the approximately 60 acres of land, plus buildings and equipment. When the option is exercised, payment terms would be $625,000 cash down, plus a $1,375,000 five-year note for the balance at 7 percent interest.
Minimum annual payments would be approximately $160,000, with a final payment for the total balance due not later than at the end of the fifth year.
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Said Kit Fluck, IVGA chairman, “Proceeds from the sale of the option and the property, once the option is exercised, will be used by the association to operate the golf course during the option period. Also, to retire the existing mortgage on the property, with the remainder to be distributed to existing shareholders.”
He added that Manor Communities, which is involved in several other projects in Cave Junction, “has stated an intent to keep the bulk of the property as a golf course, and to build additional holes as the company develops the surrounding land it currently owns.
“This will result eventually in an 18-hole golf course that includes much of the current IVGA nine-hole course.
“The front part of the property, where the clubhouse now is located, is expected to become commercial development integrated with other surrounding commercial developments.
“It looks like a real win-win situation,” Fluck stated, “for our shareholders, our members and the residents of this region. Our thanks go to Manor Communities for a solid proposal.”
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In a prepared statement, IVGA noted that it has provided “affordable golf for more than four decades for the more than 20,000 residents of Illinois Valley.” The association built the current nine-hole course at the north end of the city of Cave Junction in 1976.
In February this year, said IVGA, “the shareholders charged with board of directors to seek proposals, including proposals for the outright sale.”
This was based on the fact that, “It became clear, as the membership aged and rounds of play and numbers of active members decreased, that the time had come to pass the torch to a new entity to bring a new future for golf enthusiasts in the region.”
The land on which the course sits is surrounded by current and planned residential and commercial developments. It is at the intersection of Hwy. 199 and Laurel road; and the highway is being widened at this time “to accommodate the growing development activity.”
