Item 6: Disposition of Surplus Property

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ATTACHMENT B Preliminary Draft: Sale of Property Shedd Institute for the Arts (Buyer) – City of Eugene (Seller) The following is a preliminary outline of terms for the sale of the City-owned quarter block property located immediately north of the Shedd Institute (Shedd). This outline of terms is for discussion purposes only. th Property: Land (approximately 25,600 sqft quarter block) located at the southwest corner of 8 Avenue and High Street (Map No. 17-03-31-14 Tax lot No. 1300 and 1400). Purchase Price: $800,000 Payment of Purchase Price: $800,000 cash shall be paid in full at closing. Deposit: Upon City Council approval of the sale of the Property, Buyer shall deposit into escrow non- refundable earnest money in the amount of 10% of the purchase price. Earnest Money will be credited toward the Purchase Price at closing. Purchase and Sale Agreement: Following City Council’s approval of the sale, Buyer and Seller shall enter into a formal Purchase and Sale Agreement. Due Diligence Period: Upon the execution of a Purchase and Sale Agreement, Buyer will have a period of 60 days in which to review property information and conduct on site testing to determine the condition of the property. Environmental Condition: During the Due Diligence Period, Buyer will be able to perform environmental investigation to satisfy itself of the environmental condition of the property. The investigations must be scheduled with the Seller and the results 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. Closing Date: The closing of the sale shall occur no later than 90 days after the completion of the Due Diligence Period. The closing date can be extended an additional 30 day if Buyer demonstrates sufficient progress is being made to close within the extension period. S:\CMO\2013 Council Agendas\M130528\S1305286.doc