Item B - ORI/Sears Sales Terms - Laserfiche WebLink

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ATTACHMENT A Summary of Terms Sale of Sears Building Property to Oregon Research Institute Property: Approximately .886 acres of land, which generally includes the Sears building footprint and the 1/8-block surface parking lot at the northwest corner of l0th Avenue and Olive Street (tax lots 6600 and 5300). Purchase Price: $400,000 cash, balance due at closing. Deposit: $40,000 earnest money in the form of a promissory note, converted to cash following the Feasibility Period. Earnest Money will be credited to the Purchase Price. Feasibility Period: Upon execution of the Purchase and Sale Agreement, Buyer will have a 60-day Feasibility Period in which to review Property Information provided by the Seller, and conduct on site testing to determine the condition of the property. Building Demolition: Prior to Closing, but only upon removal of all of Buyer's contingencies to Closing, Seller shall be responsible for the demolition and removal of the former Sears building structure, including basement removal. Seller shall not be responsible for backfilling the basement area. Seller must receive Buyer' s written approval before commencing demolition; such approval shall not be unreasonably withheld. In the event that the building is demolished and Buyer does not purchase the site, or move forward with the development proposal within the timeline provided herein, Seller shall be entitled to reimbursement from Buyer of Seller's demolition expenses not to exceed an amount to be defined in the Purchase and Sale agreement based on an updated demolition estimate, plus damages to be defined in the Purchase and Sale agreement. Parking: The City of Eugene will provide a bulk-purchase monthly parking permit cost reduction in the amount of twenty-percent for advanced volume permit sales, subject to availability but in any event for no less than 200 spaces within the parking system. An additional ten-percent cost reduction is available if ORI maintains an employee alternative transportation mode program. Environmental Condition: During the Feasibility Period, Purchaser will be able to perform additional environmental investigation to satisfy itself of the environmental condition of the property, results of which shall be provided to the Seller for review. Based on the information provided in the environmental assessment, Buyer may either move forward with the purchase of the site or rescind the offer to purchase the site. Buyer would also have the option to negotiate with the City regarding a remedy for specific site clean-up costs if contamination is identified. In the event that Buyer does not move forward with the purchase of the property based on specific contamination identified in the environmental assessment, Seller shall pay one-half of Buyer's environmental assessment costs, or $17,500, whichever is less. In the event that Buyer does move forward with the purchase of the site, L:\CMO\2004 Council Agendas\M040623\S040623B.doc