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? <br /> A “memo of offer” or form will be created by the Urban Renewal Agency to be <br />used by bidders to submit their bids. The offer will include a bid amount and de- <br />scription of the delivery of cash. <br />? <br /> Offers will be accepted up to a deadline, and the bids will be opened publicly. <br />? <br /> Agency Director will review the bids, and provide notice to highest bidder within a <br />specific time period. Successful bidder will need to deliver cash and sign a “memo <br />of intention: within a specific time period. <br />? <br /> Final decision will be made by the Agency Director based on highest bid. <br />? <br /> If a building is demolished, new construction must being within 6 months of demo- <br />lition. <br />? <br /> If construction does not begin within 6 months, the owner will pay to the Urban <br />Renewal Agency an amount equal to 5 percent of the purchase price for every 6 <br />month period in which there is no new construction. <br /> <br />Ms. Taylor thought only the current tenants of the buildings should be offered the options. She did not want <br />people to be put out of their places of business. She said her intent was that the tenant would have the <br />option until the option ran out and then the “free market” would take over. <br /> <br />Ms. Bettman provided a second. <br /> <br />Mr. Clark indicated he would oppose the substitute motion because he was interested in seeing the City get <br />its money back. He wanted the City to be financially whole. He understood the desire to avoid putting <br />existing businesses out, but was willing to let the market address it. <br /> <br />Mr. Pryor observed that the principal difference between the methodology that was being proposed and Ms. <br />Taylor’s substitute methodology lay in who could submit bids and what would happen if their bids were not <br />awarded. He felt this was too prescriptive. He wanted the options to result in downtown development and <br />did not oppose the tenants purchasing their buildings. He did not feel restricting the bids to only the current <br />tenants would be in the City’s best interest. He did support giving the tenants the first right of refusal. <br /> <br /> <br /> <br />MINUTES—Eugene City Council February 20, 2008 Page 6 <br /> Work Session <br /> <br />