The Presbytery of Chicago assembly will meet Saturday, Feb. 8, to weigh a developer’s amended offer to purchase the Presbyterian Camps in Saugatuck while a conservation group’s backup bid still waits.
If approved, developer David Barker and a private equity firm headed by Paulus C. Heule of Grand Rapids stand to close on a sale of the 130 Lake Michigan-fronting acres at 621 Perryman St., a church camp since 1899, on Valentine’s Day this year.
The Presbytery, seeking to pay off loans resulting from its settlement of a 1990s sex scandal, voted in December 2012 to sell the parcel, directly south of the City of Saugatuck’s Oval Beach Park, to Barker for $10 million.
“I’m still offering $10 million,” Barker told The Commercial Record. “But because of legal and other matters that have arisen, I’m asking to put $9 million down on closing and pay the remaining $1 million 18 months later.
“That will help me take care of the additional costs upfront.”
Barker Jan. 22 assigned his rights and obligations to Dune Ridge SA, LP, a Delaware limited partnership whose general partner, Dune Ridge SA GP, is a Michigan limited liability corporation managed by Heule.