BEND, Ore. (KTVZ) – Six months after River’s Edge Golf Course owner Wayne Purcell announced plans to sell the property to Pahlisch Homes, who planned to convert about half of the course into nearly 400 homes, sparking objections and later a lawsuit, a settlement has been reached to assure the 18-hole course stays in place permanently.
Instead, the Purcell family would sell the golf course to the community for $500,000, including the 141-acre course, clubhouse, maintenance building and equipment, residents were informed by email earlier this week.
If the sale closes as proposed, a restrictive covenant would be recorded to require that the golf course be maintained and operated as a playable 18-hole course open to the public in perpetuity.
Under the settlement terms, the purchasers get 120 days to conduct due diligence on the acquisition, examining past finances and future potential. If they proceed, closing would take place within another 30 days.
In the meantime, all litigation, including an arbitration process, will be put on hold. If the purchase doesn’t happen, parties could resume their legal action.
The plan calls for creating a limited-liability entity to buy the course that is owned and controlled by the River’s Edge homeowner’s associations, ensuring community ownership and control.
In a subsequent email, the homeowner groups said news of the proposed settlement had been “well-received,” with “extremely positive feedback.” So far, they said, “we have no reason to think the golf course has been losing money, and we have many reasons to think there is strong upside potential, especially at a purchase price of $500,000.”
They also said initial information about 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.”
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October 23, 2021 at 12:49PM
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Settlement of River's Edge lawsuit would keep full golf course in place permanently - KTVZ
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