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WG Development <br />Since the PSA was signed in November, staff has worked closely with WG to address or <br />complete the requirements of the PSA, as applicable. A list of the key terms and the relevant <br />progress on each is listed below. <br /> <br /> <br />a.Purchase Price – $500,000 (no change). <br /> <br /> <br />b.Project Related Fees. The City committed to payment of building and related permit fees. <br />Update: City Council action on URA expenditure authority for estimated expenses including <br />building permits fees is scheduled for March 9, 2009. <br /> <br /> <br />c.Deposit – $50,000. WG Development provided a $50,000 note for the earnest money due <br />upon WG’s acceptance of Conditions of Closing. The earnest money becomes <br />nonrefundable at the end of the Due Diligence Period. <br /> <br /> <br />d.Due Diligence Period. The Due Diligence Period is from November 25, 2008 to March 30, <br />2009, a period of approximately 120 days. <br /> <br /> <br />e.Alley vacation. City Council vacated the mid-block, north-south alley on February 23, 2009. <br /> <br /> <br />f.Multi-Unit Property Tax Exemption (MUPTE). City Council approved WG’s application on <br />February 23, 2009. <br /> <br /> <br />g.Bureau of Labor and Industry (BOLI) Determination. The City submitted a request to BOLI <br />to determine if the proposed project is subject to the Prevailing Wage Rate law on December <br />22, 2008, with updated materials as requested on January 9, 2009. The determination is <br />expected in mid-March 2009. <br /> <br /> <br />h.Timing. The property sale closing must occur no later than March 31, 2009, and building <br />permits for the project must be submitted by November 30, 2009. WG has indicated a need <br />to extend both of these deadlines. <br /> <br />Opus Development <br />Following URA direction regarding Opus, staff maintained contact with Opus to ascertain <br />continued interest and related timing that would be required for their decisions. Opus submitted <br />a letter expressing their sustained interest in the acquisition and development of the site, while <br />acknowledging the uncertainty of current economic conditions (Attachment B). The letter <br />indicates that they would need to enter into a binding agreement with the Urban Renewal <br />Agency, with the expectation of completing due diligence by the beginning of 2010 and <br />beginning construction by the spring of 2010. <br /> <br /> <br />RELATED CITY POLICIES <br />th <br />Future development of the 10 and Charnelton site is consistent with the policies in the Eugene <br />Downtown Plan, including: <br />Z:\CMO\2009 Council Agendas\M090309\S090309A.doc <br /> <br />