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The Board finds that separate ownership of the golf course and related facilities will be beneficial in <br /> order to effectively implement and manage the Elkhorn project. As part of this decision, the Board <br /> approves a condition of approval resolving the discrepancy between such conditions and allowing the <br /> golf course and other improved recreation facilities to be owned separately from the remainder of the <br /> development,provided that the residential home owners association ("HOA") and the golf course HOA <br /> shall be joined in a master HOA. <br /> 2. The golf course and related open space, and other natural areas designated on the <br /> approved site plan shall remain as dedicated permanent open space and shall represent at least <br /> 50 percent of the resort ownership. <br /> The golf course and other open space will remain as dedicated open space. Natural (unimproved)open <br /> space constitutes approximately 58% (272 acres) of the property. The golf course constitutes another <br /> 26% (122 acres). <br /> 3. At least$2 million (in 1984 dollars)shall be spent on improvements for on-site <br /> developed recreational facilities and visitor-oriented accommodations exclusive of costs for land, sewer, <br /> and water facilities and roads. Not less than one-third of this amount shall be spend on developed <br /> recreation facilities. <br /> The applicant has provided evidence that the value of the improved facilities are valued in a fair market <br /> transaction to be$3,500,000; thereby satisfying the requirement as it pertains to recreational facilities. <br /> 4. Visitor-oriented accommodations including meeting rooms, restaurant with seating for <br /> 100 persons, and 150 separate rentable units of overnight lodging shall be provided. <br /> The applicant will provide meeting rooms and a 100-person restaurant as part of the golf course <br /> clubhouse("lodge"). In addition, the lodge will offer five units of overnight accommodation. A <br /> minimum of 150 dwelling units will be available for overnight rental via a centralized booking service. <br /> In addition, a small inn is proposed as part of the commercial use that will provide 40 rooms of <br /> overnight lodging. <br /> 5. Commercial uses provided are limited to types and levels necessary to meet the needs <br /> of visitors to the development. Industrial uses are not permitted. <br /> No industrial uses are proposed. The commercial uses will be limited to an inn and gift shop, canteen, <br /> exhibit space,welcome center, front desk check-in, adventure center for booking events and similar or <br /> other uses serving the ancillary and visitor needs of visitors to the resort. In addition,the golf course <br /> clubhouse will include a pro shop and gift shop, general store, five overnight accommodations, <br /> spa/wellness center, fitness center,restaurant, grill/lounge, front desk check-in and other potential <br /> amenities that serve the needs of guests and owners of the resort such as a swimming pool,tennis <br /> courts, volleyball, croquet, horseshoes, bocce ball,performing arts center, kid's day camp, and <br /> maintenance facilities, etc. <br /> 6. The terms "Developed Recreation Facilities, Self Contained Development, Visitor <br /> Oriented Accommodations, Recreation Areas, Facilities and Opportunities, and Recreation Needs" <br /> shall have the meanings prescribed in the proposed amendments to Goal 8 dated June, 1984. <br /> The terms in this narrative are used as defined in the 1984 draft Goal 8 amendment. <br /> -26- <br />