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~UI `,t1,~~Uq~ • <br />~UII: <br />-+~i/'~~~~ _ <br />/`~~~ <br />- ~~~ <br />LEGAL COUNSEL <br />Michael J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Mary B. Peannine <br />Randall Franke <br />Don Wyant, Jr. <br />ASSISTANT LEGAL <br />COUNSEL <br />Bruce T. Armstrong <br />Timothy T.A. Jensen <br />Gloria M. Roy <br />Jane Ellen Stonecipher <br />Marion Count <br />~ <br />aREcoN <br />OFFICE OF LEGAL COUNSEL <br />November 4, 1998 <br />TO: Board of Commissioners <br />FROM: Mike Hansen, Legal Counsel ~~ ~~-~,/'~' <br />~ <br />RE: Intergovernmental Development Agreement--Courthouse Square <br />Addendum #1 <br />Agenda Item: Consent Calendar <br />November 10, 1998 <br />ISSUE: Shall the Board of Commissioners adopt Addendum #1 to the <br />Intergovernmental Development Agreement for the Courthouse Square Project, <br />thereby amending the last paragraph of Section 5.2? <br />BACKGROUND: The Board of Commissioners approved and signed the <br />Intergovernmental Development Agreement at a joint meeting with the Salem Area <br />Mass Transit District on October 28, 1998. Further review by the county's bond <br />counsel revealed ambiguous language in the last paragraph of Section 5.2 <br />concerning the ability of the county to pledge security for the COPs. The last <br />paragraph can be read to provide the county with an ability to pledge its interest in <br />the Intergovernmental Development Agreement as security. The intent of the <br />county has never been more than to pledge its ownership interest in the real <br />property and the condominium as security for the COPs. <br />The county's bond counsel has recommended that the last paragraph of <br />Section 5.2 be amended to clarify this point as the county proceeds with financing <br />its respective share of the Courthouse Square Project. <br />With the assistance of legal counsel for the Transit District, revised <br />language has been prepared and incorporated into the attached addendum. Legal <br />counsel for the Transit District has approved of the specific language for Section <br />5.2 and the form of addendum. He has asked that the county execute the <br />addendum in four counterparts, as the original agreement, and forward these to the <br />530 Center Street NE, Suite 312, Salem, Oregon 97301-3670 (503)588-5220 Faa (503)373-4367 <br />~~~i~v.open.org/marion <br />