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<br /> <br />ATTACHMENT B <br /> <br />Outline of Terms <br /> <br /> <br />Buyer: Northwest Community Credit Union <br /> <br />Seller: Urban Renewal Agency of the City of Eugene <br /> <br />th <br />Property: Land (approximately 1.89 acres) located at 8 Avenue and Ferry Street (map and tax lot <br />number 17-03-32-22-00704). <br /> <br />Purchase Price: $1,235,000, cash paid at closing. <br /> <br />Earnest Money Deposit: $50,000 paid upon execution of a Purchase and Sale Agreement, and non- <br />refundable after the 90-day due diligence period. Earnest Money Deposit will be credited toward the <br />purchase price at closing. <br /> <br />Due Diligence Period: Upon the execution of a Purchase and Sale Agreement, Buyer will have a period <br />of 90 days in which to review property information and to conduct on site testing to determine the <br />condition of the property. <br /> <br />Environmental Condition: During the Due Diligence Period, Buyer will be able to perform <br />environmental investigation to satisfy itself of the environmental condition of the property, the results of <br />which will be provided to the Seller for review. Based on the information provided in the environmental <br />assessment, Buyer may either move forward with the purchase of the site or rescind the offer to purchase <br />the site. If Buyer performs a Level II investigation and terminates the agreement during the Due <br />Diligence Period as a result of environmental conditions, Seller will reimburse Buyer for one-half of the <br />cost of the Level II study, but not to exceed $20,000. <br /> <br />Purchase and Sale Agreement: Following the Urban Renewal Agency’s approval of terms, Buyer and <br />Seller shall enter into a formal Purchase and Sale Agreement. <br /> <br />Closing Date: The closing of the sale shall occur no later than April 1, 2013. <br /> <br />Project Description: The project shall consist of a minimum 50,000 square foot multi-story building. <br />th <br />The building will be oriented to address 8 Avenue for its main pedestrian entry. The project will <br />include a regional support center office use and a ground floor retail branch with a drive thru. URA staff <br />will be allowed to provide input during the Project’s design process. Buyer shall submit project <br />drawings to URA staff for review during concept design as well as prior to applying for development or <br />building permits. <br /> <br /> <br />Commencement of Construction: Construction of the Project must begin no later than December 31, <br />2013. <br /> <br />S:\CMO\2012 Council Agendas\M121031\S121031B.doc <br />