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June 2004 Staff contact new owner and after a few correspondences owner proposes to sell entire site for $600,000, but states his preference to develop the site. State Parks Grant becomes available. July 27, 2004 City presents formal offer to property owner, subject to receiving third party funding for the additional $300,000 and subject to the property appraising for the proposed sale price. Property owner required a closing date of October 1, 2004. The City explained we would not likely be able to have the necessary engineering, appraisal, and appraisal review work all completed by that time. August 2, 2004 City initiates the appraisal work. City applies to Oregon State Parks for $300,000 matching funds to acquire property. September 8, 2004 State Parks notifies the City that its application for the $300,000 grant has been approved subject to completion of appraisal, the State's appraisal review, and entering into the State/City grant agreement. September 24, 2004 Grant Agreement is executed by City Manager and returned to State Parks for execution by their Director. September 28, 2004 Engineering work that is required for the appraisal is completed and delivered to the appraiser. Appraisal firm expects to complete appraisal by October 15. Appraisal will then be reviewed by City and simultaneously sent to State Parks for review. October 1, 2004 As this was the scheduled closing date per terms of the pending purchase agreement, City notified owner of the following: 1) approval of the State Park's Grant (subject to appraisal) and the Grant Agreement in process; 2) engineering design work now completed; 3) appraisal should be completed within two weeks and arrangements have been made with State Parks to expedite the appraisal review process. City again requested extension of the closing date. October 4, 2004 Property owner replied there remained uncertainties of the funding and closing of sale. He declined an extension and explained he was now going to continue with his development plan. He was asking his development team to begin scheduling such activities. October 8, 2004 City contacted appraiser to check status of report. Appraiser expects to have it completed by October 15. The Director of State Parks executes the State/City grant agreement and grants notice to proceed, subject to appraisal review. October 15, 2004 Property owner's attorney contacts City and requests copies of the Grant application and the engineering work that was completed for the basis of the appraisal. They schedule a predevelopment meeting for Oct. 25, with Planning and Development Department staff. October 20, 2004 City was orally notified by the appraiser that the appraisal of the entire parcel would indicate a market value of approximately $430,275. L:\CMO\2005 Council Agendas\M050608\S050608A. doc