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ATTACHMENT B <br /> <br />Land Transaction with the Shedd <br /> <br />The following is a general outline of terms for a land transaction between the City of Eugene (the <br />City) and the Shedd Institute for the Arts, LLC (the Shedd). The terms and conditions contained <br />herein are intended to be for discussion purposes and do not represent the final terms for this <br />land transaction. Based on council action, the final terms will be in substantial conformity with <br />this outline. <br /> <br />Property Description <br />th <br />The City currently owns the northeast corner of the block bounded by East 8 Avenue, High <br />Street, Broadway and Pearl Street, specifically Tax Lots 1000 and 1100, Map 17-03-31-14. The <br />City is proposing to exchange these lots for property owned by the Shedd, specifically the <br />th <br />northwest corner of the block bounded by East 8 Avenue, High Street, Broadway and Mill <br />Street, Tax Lots 1300 and 1400, Map 17-03-31-14. Both parcels consist of approximately <br />25,600 square feet each. <br /> <br />Environmental Assessment <br />An environmental assessment will be completed for each parcel. The cost of this assessment will <br />be borne by each property owner. Based on the information provided in the environmental <br />assessment, both the City and the Shedd must agree to either move forward with the exchange of <br />each site or rescind the offer to exchange each site. Each party will also have the option to <br />negotiate regarding a remedy for specific site clean-up costs if contamination is identified. <br /> <br />Compensation <br />Based on an appraisal completed by Charles P. Thompson, MAI, SRA, dated November 18, <br />2005, the value of the City’s parcel is $38.00/square foot, and the value of the Shedd’s parcel is <br />$39.00/square foot. Based on an appraisal completed by Kent Voronaeff, MAI, CCIM, dated <br />December 30, 2005 the value of both parcels is $33.50/square foot. Based on these appraisals, in <br />order to complete this land transaction, the exchange of these properties can occur on an equal <br />value basis without any compensation due either party for the value of the land. Any transaction <br />related costs will be split equally between the parties. <br /> <br />Property Information <br />Upon execution of the land transaction, the City shall deliver to the Shedd all information in the <br />City’s possession relating to the condition of the City’s parcel. Likewise, the Shedd shall deliver <br />to the City all information in the Shedd’s possession relating to the condition of the Shedd’s <br />parcel. Such property information shall include, but not be limited to, environmental reports, <br />soils reports, and topographical and boundary surveys. <br /> <br />Due Diligence Period <br />Upon execution of the land transaction, both parties will complete all necessary due diligence <br />including reviewing property information provided for each parcel, and conducting on-site <br />testing to determine the condition of the property. <br /> <br />Condition of Title <br />L:\CMO\2006 Council Agendas\M060315\S060315A.doc <br /> <br />