Item B: Lane Community College Downtown Project

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ATTACHMENT C Terms for the Transfer of Property Lane Community College – Eugene Urban Renewal Agency February 24, 2010 An agreement will be executed by Lane Community College (LCC) and the Eugene Urban Renewal Agency (URA) following URA Board approval and LCC Board approval consistent with the following terms: th ? The URA will sell to LCC the 10 & Charnelton site (valued at approximately $1.6 million) for th $1. LCC will develop the 10 & Charnelton property in a timely manner and generally consistent with the proposed new downtown campus project description (see Exhibit A). In the event that LCC does not proceed with the development of its new downtown campus at that site in a timely manner (generally based on the projected project timeline forecasted in LCC’s pending feasibility report) the URA will have the right to repurchase the property for $1. ? If the City Council amends the downtown urban renewal plan to increase the maximum indebtedness limit, and includes LCC as a project in that amendment, then the URA will purchase LCC’s Willamette Street property for the appraised value ($1,200,000). The actual sale will happen only if and after LCC gives notice to the URA that it is ready to transfer the property to the URA (and again, only if the urban renewal plan was amended to increase the maximum indebtedness). The cost of purchasing this site will be deducted from the amount of URA financial assistance called for by that urban renewal plan amendment (i.e., if the plan amendment includes $8 million of assistance, then the URA’s actual financial contribution would be reduced to $6.8 million). ? If the URA purchases LCC’s downtown site, LCC will be allowed to lease back the property for a nominal amount until construction of the new downtown campus building is complete. ? Real estate transactions will be contingent on due diligence, including environmental due diligence. Z:\CMO\2010 Council Agendas\M100310\S100310B-Att A-C.doc