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million, with revenue growth averaging 12% annually over the past six years. ORI was awarded 68 <br />different grants in 2003. ORI was also recognized by Oregon Business Magazine as one of the "100 <br />Best Companies to Work for in Oregon" (ranked third in the large business category). <br /> <br />State statutes, the downtown Urban Renewal Plan, and adopted URA procedures govern the disposition <br />of real property held by the URA. URA procedures provide for the City Manager, as the business agent <br />for the URA, to publicly or privately solicit proposals and negotiate with any party for the disposal of <br />real property consistent with the Urban Renewal Plan. Any proposal which is acceptable to the City <br />Manager must then be presented to the council (acting as the URA) for its approval. <br /> <br />Timing <br />The proposed terms anticipate that a formal purchase and sale agreement will be signed soon after the <br />approval of terms. The actual closing of the sale is expected to occur no later than November 1, 2004, <br />with ORI beginning construction soon after closing. The proposed terms require ORI to begin <br />construction no later than June 1, 2005. <br /> <br />OPTIONS <br />1. Move forward with the sale of the Sears property to ORI based on the terms and conditions <br /> presented. <br />2. Decline the proposed terms and conditions, and provide alternative recommendations for the sale of <br /> the property. <br /> <br />STAFF RECOMMENDATION <br />Staff recommends approval of the proposed terms and conditions. <br /> <br />SUGGESTED MOTION <br />Move to authorize the Agency Director to (1) sell the Sears building property to the Oregon Research <br />Institute at a purchase price of $400,000, less the cost of any environmental assessment, up to $35,000, <br />and (2) direct the Agency Director to bring back to the Agency for the June 28th meeting a <br />Supplemental Budget #3 item to include authorization for the demolition and other costs anticipated by <br />the Summary of Terms attached to the AlS. <br /> <br />ATTACHMENTS <br />A. Summary of Terms <br />B. ORI Letter <br />C. Gerding/Edlen Letter <br />D. Seattle Northwest Securities Letter <br /> <br />FOR MORE INFORMATION <br />Staff Contact: Denny Braud <br />Telephone: 682-5536 <br />Staff E-Mail: denny.braud~ci, eugene, or.us <br /> <br /> L:\CMO\2004 Council Agendas\M040623\S040623B.doc <br /> <br /> <br />