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~•,, <br />,dl ~''~~~~~ ~ <br />„~~,. <br />--1~%//i;~`~~. <br />LEGAL COUNSEL <br />Michael J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Randall Franke <br />Gary Heer <br />Mary B. Pearmine <br />TO <br />Marion County <br />OREGON <br />OFFICE OF LEGAL COUNSEL <br />February 20, 1998 <br />Board of Commissioners <br />ASSISTANT LEGAL <br />COUNSEL <br />Bruce T. Armstrong FROM: Mike Hansen, Legal Counsel <br />Timothy T.A.Jensen <br />Gloria M. Roy <br />Jane Elien Stonecipher~: Option Agreement <br />Agenda item--February 25, 1998 <br />Consent Calendar <br />/~~;~'~` ~ <br />'~ ~ _ - <br />~~~~~ ~ <br />s~i-~-~ ~ <br />~.~. ~ ~-~ ) a~ 8~ <br />Q~ • . ~~~~- <br />~~~ -~ <br />~~~~Zc-Q~ /J'' <br />~''d~~L~-~ /~~~~c%~'`~ <br />`~~~ Qo~ C.f/" ~ ~Z~ <br />/~.~-- ~ ~'~~ <br />(~'C_/ <br />r~~- ~'~~-~q 8- <br />ISSUE: Sha11 the Board of Commissioners execute the option agreement and <br />notice, which fulfill one of the terms of the sale of an interest in the Senator Block to the <br />Sa1em Area Mass Transit District? <br />BACKGROLTND: Attached is a form of notice of option and option agreement. <br />These have been reviewed and approved as to form by the Office of Lega1 Counsel. As <br />described in the transit district memo attached hereto, this is a housekeeping measure. The <br />put option, i.e., the right of the transit district to "resell" its interest in the Senator Block <br />to the county in the event the parties do not proceed with the Courthouse Square Project, <br />is an essential term of the intergovernmental agreement between the parties, and has been <br />incorporated into all of the basic documents between the parties, including the sale <br />agreement, the development agreement, the ground lease, and the condominium <br />agreement. It was an oversight that this document was not completed at the time escrow <br />closed on the sale of the property. <br />RECOMNIENDATION: More detailed information is contained in the transit district <br />memo referenced above. The Office of Legal Counsel concurs in the recommendation <br />that the Board execute the agreement and notice. <br />Attachments: Option Agreement <br />Notice of Option <br />Memo from John Whittington to Transit Board of Directors <br />cc: Billy Wasson, Project Coordinator <br />530 Center Street NE, Suite 312 • Salem, Oregon 97301-3670 •(503) 588-5220 • Fax (503) 373-4367 <br />