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Marion County <br />OREGON <br />LEGAL COUNSEL <br />Michael J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Randall Frenke <br />Gary Heer Z'0 <br />Mary B. Pearmine <br />OFFICE OF LEGAL COUNSEL <br />January 30, 1996 <br />Board of Commissioners <br />ASSISTANT LEGAL FROM: Mike Hansen, Legal Counsel \ ~/ <br />COUNSEL ~ , ~./y(/ <br />Bruce T. Armstrong <br />Timothy T.A. Jensen ~: Regular Agenda item: February 5, 199 <br />Gloria M. Roy <br />)ane Eilen Stonecipher Courthouse Square Project <br />Purchase and Sale Agreement with Transit District <br />ISSiJE: Shall the Board of Commissioners approve an A?reement of Purchase and Sale <br />and Joint Escrow Instructions committing to the sale of a portion of the Senator Block to the <br />~ Salem Area Mass Transit District in furtherance of the Courthouse Square Project? <br />BACKGROUND: The Board of Commissioners and the transit district board have entered <br />into an inter~overnmental agreement to develop the Senator Block as county offices, transit <br />offices and mall, and private retail and office space. As part of the agreement, Marion County <br />has agreed to sell a portion of the Senator Block to the transit district. In exchange, the transit <br />district will pay Marion County approximately 40% of the value of the block, which is <br />estimated to be $5.3 million. <br />The agreement has been negotiated between the transit district's general manager and <br />Randy Curtis, the county's project manager. A copy of the agreement is attached to this <br />memo. <br />Execution of the agreement at this time will allow the Courthouse Square project to <br />proceed, and provide cash flow for expenses being incuned in furtherance of the project. <br />This a~reement is predicated upon the successful negotiation of a development <br />agreement and other agreements defining the rights and responsibilities of the parties for <br />construction of Courthouse Square and ownership and operation of the improvements. It is <br />anticipated that these a~reements will be ready before closing of the real property sale. <br />FISCAL IMPACT: Upon execution of this agreement, Marion County will receive $1 <br />million from the transit district. Marion County will be committed to proceed with <br />development of the Courthouse Square project and completion of the sale. If Marion County <br />does not do so, it will obligated to repay the district. <br />530 Center Street NE, Suite 312 • Salem, Oregon 97301-3670 •(503) 588-5220 • Fax (503) 373-4367 <br />