Council approves purchase of former country club

Peters council has approved the settlement agreement with real estate investment company Pinehurst Land Partners LLC for the purchase of the former Rolling Hills Country Club property on East McMurray Road.

The total settlement package is $14,270,439 and was approved by council on Oct. 22. The township’s final payment is $1,597,719 for the property that was jointly purchased by the township and the Peters Township School District in 2016.

The township will use 93.7 acres for a proposed park and the school district has allocated 95.7 acres for its new high school, which is currently under construction.

The settlement was reached before an Oct. 15 jury trial, which would have addressed a November ruling by a Board of Viewers that set the compensation for the property at $12.5 million.

To help pay for the cost of property acquisition, as well as projects such as the road and intersection improvements to which the township has committed, council is considering taking out a bond issue.

“It will be necessary for the township to issue bonds,” said Paul Lauer, township manager.

Council unanimously approved a resolution expressing the township’s intent to issue a bond and to utilize a portion of the bond’s proceeds to reimburse the township for capital expenses before the bond is issued.

Council also authorized the township manager to solicit proposals for an independent financial adviser to assist in the issuance of bonds.