The City of El Dorado has approved the purchase of Prairie Trails Golf Course by GreatLIFE Kansas City, LLC for $550,000. The agreement stipulates that the City maintains “Right of First Refusal” under two conditions. The first condition is that during the first seven years of operation, if GreatLIFE Kansas City. LLC would quit operating the golf course as agreed upon, the City has the right to buy it back for the purchase price plus improvements minus depreciation based on a set formula outlined in the contract. If they quit operating the golf course as agreed upon after the first seven years, the City would have the right to purchase the property back at market value. The second condition is that if they should decide to sell the property, the City would have the right to match or counter any offers.
After much discussion regarding the assignability of the “Right of First Refusal” in the event of future sales, it was determined that exercising the right when the option is made available would eliminate the need for assignability. GreatLIFE Kansas City, LLC will begin operation under a lease until closing which will be 10 business days after platting of the property.
(Read more: El Dorado Times)