Golf association sells land to development company

CAVE JUNCTION — The Illinois Valley Golf Association said Monday it has sold an option to purchase its golf course property, buildings and equipment for $2,075,000 to Manor Communities Development Co.

Under the terms of the agreement, Manor Communities Development has until Aug. 1, 2008, to exercise its purchase option. When the option is exercised, the California company will put $625,000 down along with a five-year, $1,375,000 note.

Proceeds from the option and potential sale will help with operating costs and allow the association to retire the existing mortgage on the property. The remainder will be distributed to shareholders.

Manor Development has stated an intent to keep most of the property as a golf course and to build additional holes as it develops surrounding land it already owns.

The property on which the current clubhouse sits is expected to become commercial development.

Illinois Valley Golf Association built the nine-hole course in 1976.

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