Item A: Terms for WG Development at 10th/Charnelton

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ATTACHMENT A Outline of Terms of Purchase and Sale Agreement th 10 and Charnelton Development Site October 13, 2008 The Purchase and Sale Agreement is between the Urban Renewal Agency (“Seller”) and WG Development (“Buyer”) for the purposes of the redevelopment of the 10th and Charnelton Site. The Purchase and Sale Agreement shall be in substantial conformity with the following terms: th 1. Property : Approximately 1.2 acres of land located at the northeast corner of the intersection of West 10 Avenue and Charnelton Street in Eugene, Oregon (Map 17 03 31 13 tax lots 6600, 5100, 5200 and 5300). 2. Development Purpose : The purpose of the sale of the Property is for Buyer to develop a five story mixed-use project (“Project”) on the entire Property in substantial conformity with the overall concept design submitted by Buyer to City staff in response to the Request for Proposals and requests for supplemental information. WG Development commits to working with City staff on the final design. The overall design concept is summarized as follows: The development consists of a mix of commercial and residential uses, with the ground floor and 2nd floor for office or other commercial use and the remaining three floors for residential use. The structure does not exceed 80 feet in height, excluding any mechanical equipment, which will be appropriately screened. Approximately 80 residential units are included. The configuration of the development proposal creates a plaza of approximately 6,000 square feet facing the Eugene Public Library Main entries into the development are located facing the Plaza and along Olive Street. Access to parking is along the east west alley. The plaza is privately owned, but generally open for use by the public during regular business hours. The structure includes a combination of brick, cementitious materials, and glass, with a high percentage of glass on the first floor. A pedestrian walkway provides a privately-owned connection between 10th Avenue and the north south alley to the north of the property. The overall development site includes sidewalks with a minimum width of 15’ with enhanced paving and street trees. The structures are set back from the east west alley to allow improvements to the development site including street trees and a paved pedestrian path. Approximately 65 parking spaces are provided, including 44 underground spaces and 21 structured spaces. 3. Purchase Price : $500,000 cash. 4. Project Related Fees: The City commits to payments for building and related permit fees. Buyer commits to payments for System Development Charges. 5. Purchase and Sale Agreement : Within 30 days following approval of terms by Seller, Buyer and Seller shall enter into a formal Purchase and Sale Agreement (PSA). 6. Deposit : Upon the execution of the PSA, Buyer shall deposit into escrow Earnest Money in the amount of $50,000. The Earnest Money shall be cash or a promissory note secured by agreed-upon collateral. Once the Due Diligence Period has expired, the Earnest Money shall become nonrefundable. Earnest Money will be credited toward the Purchase Price. 7. Due Diligence Period : Upon execution of the PSA for a period of time up to and including March 30, 2008, Buyer shall have a Due Diligence Period in which to review Property Information provided by the Seller, perform additional environmental investigation, and address Project-related issues.