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. ,. <br />LEGAL COUNSEL ~ <br />t~tichael ). Hansen January 30, 199~ <br />BOARD OF <br />COMMISSIONERS <br />Randall Franke <br />Gary Heer TO: Board of Commissioners <br />Mary B. Pearmine <br />ASSISTANT LEGAL FROM: Mike Hansen, Legal Counsel ~(\~ ~~./ <br />COUNSEL ~ ~/ \ <br />Bruce T. Armstrong ~ ~ ' <br />Timothy T.A. Jensen ~: Regular Agenda item: February 5 199~ <br />Gloria M. Ro}~ ~ <br />Jane Ellen Stonecipher Courthouse Square Project <br />Purchase and Sale Agreement with Transit District <br />ISSLJE: Shall the Board of Commissioners approve an Agreement of P~rchase and Sale <br />~ and Joint Escrow Instructions committing to the sale of a portion of the Senat'I r Block to the <br />Salem Area Mass Transit District in furtherance of the Courthouse Square Prcbject? <br />BACKGROUND: The Board of Commissioners and the transit district bo~rd have entered <br />into an intergovernmental agreement to develop the Senator Block as county ~ffices, transit <br />offices and mall, and private retail and office space. As part of the agreement,~ Marion County <br />has agreed to sell a portion of the Senator Block to the transit district. In exclhange, the transit <br />district will pay Marion County approximately 40% of the value of the block, i,~vhich is <br />estimated to be $5.3 million. I <br />The agreement has been negotiated between the transit district's gener 1 manager and <br />Randy Curtis, the county's project manager. A copy of the agreement is attac~ied to this <br />memo. ~ <br />Execution of the agreement at this time will allow the Courthouse Squ' re project to <br />proceed, and provide cash flow for expenses being incurred in furtherance of t e project. <br />This agreement is predicated upon the successful negotiation of a deve opment <br />agreement and other agreements defining the rights and responsibilities of the ~arties for <br />construction of Courthouse Square and ownership and operation of the impro~ements. It is <br />anticipated that these a~reements will be ready before closing of the real prop~rty sale. <br />FISCAL IMPACT: Upon execution of this agreement, Marion County will ~-eceive $1 <br />million from the transit district. Marion County will be committed to proceed rth <br />development of the Courthouse Square project and completion of the sale. If ~Vlarion County <br />~ does not do so, it will obligated to repay the district. <br />530 Center Street NE, Suite 312 • Salem, Oregon 97301-3670 •(503) 588-5220~ • Fax (503) 373-4367 <br />