Development Team Meeting Notes (96-99)

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COURTHOUSE SQUARE DEVELOPMENT TEAM August 7, 1997 1:30 P.M. ~ PRESENT: Dan Petrusich, presiding, Byron Courts, Craig Lewis, Melvin Mark Development Company; Randy Curtis, David Hartwig, Bob McCune, Ken Roudybush, Marion County; Leonard Lodder, Arbuckle Costic Architects; Dave Hays, Pence/Kelly Construction; 7ohn Whittington, Salem Area Transit; Dan Berrey, Prudential Real Estate; and Kathleen Thorpe, Tom Gainer, Centurywest Environmental. Environmental Environmental issues were discussed first. After meetings and conversations wi~h the financing people, the bond attomey and placement people, two key issues were identified. The first deals with environmental status necessa.ry to sell bonds. Dan P. and Tom Gainer talked to bond counsel and clarified what is required for the bond sale as far as environmental issues are concerned. To satisfy needs for bonding, a DEQ approved work plan for remedial work for the entire block is necessary. Execution of that work plan, however is not necessary at that time. At the time of the bond sale, we need to have a workable building design and a DEQ approved work pla.n on how to get closure to environmental issues. Then we have time for the execution of the plan. We will have a period of weeks and/or months while we are going out for financing before actual construction would start. This is the time that the environmental work needs to be completed. ~ We have been proceeding on a course that we would start remediation on the hot spots as soon as possible. We still may do that. It is certainly possible that by Oct. let , much of the remediation will be resolved. We will be using all available time to get DEQ approval. Per conversations with Ed, if we submit a work plan for DEQ, then bond counsel is comfortable. Everything will continue on the same pace we are now. The real issue is what bond counsel needs before they go out for financing and Ed clarified this with his environmental people. Tom reported that the following items need to be addressed before the environmental work begins. We need to identify a contractor and get a contract in place to complete the excavation. Chevron needs to decommission its wells, which will be starting soon. Simultaneously or shortly after, the basements need to come out. Kathleen will address this issue later. If successive events, then the hot spot removal begins. We also need to identify a contractor for this phase. Again, the execution of remedial work is not required before going out for financing, but we do need an approved plan. Since we are looking at a two month process for financing, we don't have a timing problem. Assuming we have environmental plan worked out with DEQ and a plan in place that pencils out, it will realistically take at least 6 weeks to sell bonds. Dan P. sees construction groundbreaking taking place in about 3-4 months. Randy added that this has been talked about earlier, but would like to revisit this area with the board and legal counsel. The first issue is to get a project we can afford. Once we get there, then I would like to revisit other scheduling dates down the road. ~ Page 1 of 4