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For Board Meeting af FQbruary 26, 1998 Agenda Item #H.6. MEMO TO: BOARD OF DIRECTORS FROM: ~NA~R N,qNNING A D ARKETING THRU: R. G. ANDERSEN- KOFF, GENERAL MANAGER SUBJECT: COURTHOUSE SQUARE OPTION AGREEMENT tssue Shall the Boa~ Apprv~-e a~d exeaat~ an option agreement with Marian County, specitying aonditions whereby the Cou~tY woufd repurchase Senator block property irom the District? Bac nd This is a"housekeeping° matter which relates to the land pu~chase agreement beiween the District and Marion CouniY~ 9a~eming the purchase of praperty by the District for the bus mall. The agreement contains Qrovision for the resale of the land to the Couniy should the District etect that option. The option agreement needs to be ~xecut~d by the Board and by the County Commissioners. Facts an in s ~, q{tached is a Courthouse Square Opfion Agreement, provided by the District's legai counsel. The agreement m~morial'~zes the temns under which the District may elect to r+equire the County to repurchase the transit district's ownership in the real properly on the S~nator blodc in dawntow~n Salem. 2. The District owns a 42% undivided interest in the Senator blodc proPerhi• ~t is this ownershlp which Provides the foundaiion for our participation in the Courthouse Square project. The District has no intetest in seAi~g the property badc to thE County, unless the decision should be made to not proceed with Courthouse Square QL wtth any other transit fadlity at the Senator block location. 3. In the ~v~nt the District should wish to exerase the option, the tenns state that ~e County is fequlred to purchase the District's undivided intarest for the amount which the District has paid to the CountY -~2,231 ~880. 4. In this circumstance, the District would be required to retum the Federal portion of this p-ice -$1,78~,504-- to the Federal Transit Administration. This sum would then be iost to the DistricE for any f~rture propetty purchase for a downtrnm transit mnter. ZOO~j ZISI~is ~Q3'I~S 60Z0 88S ~OS~ CO=ST 86/6T/ZO