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LEGAL COUNSEL Michael J. Hansen -_____. Marion Cou __ --__-___ ~ , ~-~ ~~ ~ OREGON ; i ; ` AJ % ;; ,; ! ' f ~ ~:~ OFFICE OF LEGAL COU~1~~U~ ~ ; . ~ , ~`` ~ ~ ~~ , ~ ~~ u !j ~ ~ _ ___.__----_.__ ~ December 23, 1997 BOARDOF TO: Randy Franke, Chair, BOC COMMISSIONERS Randall Franke Gary Heer Mary B. Pearmine FROM : M1k2 Hansen ASSISTANT LEGAL Marion County Legal Counsel COUNSEL Bruce T. Armstrong RE : Courthouse Square Proj ect Timothy T.A.Jensen GloriaM.Roy Disposition of Senator Block Jane Eilen Stonecipher The Special Projects Oversight Committee for the Courthouse Square Project has asked what would happen to the joint tenancy of the Transit District and Marion County in the Senator Block in the event that the Courthouse Square Project was terminated? Marion County has sold a 42o undivided interest in the Senator Block to the Transit District. This makes Marion County and the Transit District tenants in common with undivided interest in the property. In the event that the development of the Courthouse Square Project is terminated the pa-rties remain tenants in common. See section 2.1 (IV), Development Agreement. As part of the purchase and sale agreement involving the Senator Block, Marion County and the Transit District agreed that the Transit District would have a put option in the event that the development was abandoned or the Development Agreement was terminated. See section 6(ii), of Purchase and Sale Agreement. Therefore, the options for disposition of the property would be as follows: l. The Transit District and Marion County would continue as tenants in common of the Senator Block, and agree to other use or disposition of the land. 2. Marion County and the Transit District would remain as tenants in common and would seek to partition the property according to their respective interest in it. Each would then own 530 Center Street NE, Suite 312 • Salem, Oregon 97301-3670 •(503) 588-5220 • Fax (503) 373-436i