|
THIS INTERGOVERNMENTAL DEVELOPMENT AGREEMENT (the "Agreement") is
<br />made and entered into as of the _ day of , 1998, by and between MARION COUNTY,
<br />~ OREGON, a political subdivision of the State of Oregon ("County"); and SALEM AREA MASS
<br />TRANSIT DISTRICT, a political subdivision of the State of Oregon ("Transit District").
<br />RECITALS
<br />A. The County and the Transit District own certain real property located in downtown Salem,
<br />Marion County, Oregon, commonly known as the Senator Block, and more specifically described as
<br />Block 5, SALEM, Marion County, Oregon (the "Property"). The County and Transit District have
<br />agreed to locate a mixed use facility on the Property, generally consisting of the following: (i) a
<br />transit center including a transit mall and Transit District administrative offices and related Transit
<br />District facilities, including parking facilities, and office facilities to be leased by the Transit District to
<br />third parties, all to be owned (via a condominium interest as provided herein) and used by the Transit
<br />District in its mass transit and government operations (as more particularly defined herein, the
<br />"Transit Facilities"); (ii) County administrative offices and related County facilities, including
<br />parking facilities, and office facilities to be leased or sold by the County to third parties, all to be
<br />owned (via a condominium interest as provided herein) and used by the County in its governmental
<br />operations or leased by the County to third parties (as more particularly defined herein, the "County
<br />Facilities"); and (iii) commercial retail facilities to be owned (via a leasehold interest as provided
<br />herein) by a private party and leased to third parties (as more particularly defined herein, the "Retail
<br />Facilities").
<br />B. The Parties anticipate that a private party to acquire, finance, own and operate the Retail
<br />Facilities will be selected by the County and Transit District in accordance with the Federal Transit
<br />Administration joint development policy (62 Federal Register 12266-12269, March 14, 1997), not
<br />later than one year from final FTA approval of the Transit District grant application.
<br />C. The County and Transit District have engaged in negotiations for the development of the
<br />~ Property which so far have resulted in a concept for developing the Property to include the Transit
<br />District Facilities, the County Facilities, and the Retail Facilities (collectively, the "Project
<br />Improvements"). The Property and the Project Improvements are jointly referred to in this
<br />Agreement as the "Project."
<br />D. The Parties have provided for preliminary design of the Project Improvements, as shown
<br />in the Plans.
<br />E. The purpose of this Agreement is to set out the rights and duties of the parties for (i)
<br />preconstruction activities, (ii) construction, (iii) management and (iv) ownership of the Project, all
<br />generally according to the terms of this Agreement and the Schedule of Performance.
<br />F. The county has authorized this Agreement pursuant to eso ution 7-5 , dated
<br />Septem er ,~ and the Transit District has authorized this Agreement pursuant to Resolution
<br />-, ate eptem er 25, 1997 and pursuant to Resolution 98-1-, dated October 28, 1998.
<br />G. The Transit District has a grant from the Federal Transit Administration, and locally
<br />generated money, to fund its shaze of the cost of the Project. The County intends to sell municipal
<br />revenue bonds or ceRificates of participation to generate funds for its share of the cost of the Project.
<br />NOW THEREFORE, the Parties, in consideration of the premises and the agreements of each
<br />of the other Parties set forth herein and other valuable consideration, the adequacy of which is hereby
<br />acknowledged, covenant and agree as follows:
<br />Courthouse Square
<br />Development Agreement
<br />'~,. Page - 1
<br />
|