Special Project Oversight Committee (SPOC) Report #1

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PROPERTY DEVELOPMENT AGREEMENT DATED: BETWEEN: MARION COUNTY, OREGON, A POLITICAL SUBDIVISION OF THE STATE OF OREGON, AND SALEM AREA MASS TRANSIT DISTRICT, A POLITICAL SUBDIVISION OF TI~ STATE OF OREGON, OWNER, AND MELVIN MARK DEVELOPMENT COMPANY, AN OREGON CORPORATION, DEVELOPER Owner owns certain real property known as block 5, SALEM, Marion County, Oregon, together with all improvements located thereon (collectively, the "Property"). Owner intends to develop the Property by the construction thereon of a mixed use facility of approximately square feet of space, generally consisting of the following: (i) a transit center and Transit District administrative offices and related Transit district ficilities, including pazking facilities, and office facilities to be leased by the Transit District to third parties, all to be owned (via a leasehold condominium interest as provided herein) and used by the Transit District in its mass transit and government operations (ri) County administrative offices and related County facilities, including parking facilities, and office facilities to be leased or sold by the County to third parties, a11 to be owned (via a leasehold condominium interest as provided herein) and used by the County in its governmental operations or leased or sold by the County to third parties and (iii) commercial retail facilities to be owned (via a leasehold condominium interest as provided herein) by a private party and leased to third parties. The facility, during the construction thereof and after completion of construction, together with all building systems, fixtures, and equipment used in connection with the operation thereof is hereinafter refened to as the "Building" and, together with the Property, as the °Project." Owner desires to engage Developer to perform certain duties in connection with the development of the Property and the construction of the building, as more fully set forth herein, and Developer wishes to accept such engagement, upon all the terms and conditions hereof.