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Dear John,
<br />We agree that depositing funds in an escrow account will be a suitable security for construction of the public park
<br />improvements in the Field of Dreams development, and will grant Park SDC credits both for the remaining
<br />development and retroactively for those Park SDC's already paid. This will require amendments to the existing
<br />agreement and the development of escrow instructions.
<br />This agreement will amend the original agreement provisions and any discrepancy between the terms of this
<br />agreement and the original agreement shall be controlled by this agreement. Attached is a copy of the escrow
<br />instructions we have prepared for Western Pioneer Title Company to process. Please sign both copies of this letter,
<br />indicating acceptance of this agreement, and return both copies to me. A self addressed, stamped envelop has been
<br />included for your convenience. Upon receipt of the signed agreement, we will forward a copy of the escrow
<br />instructions to Western Pioneer Title Company, who will be instructed to prepare the necessary escrow documents for
<br />you to sign. We will begin granting the SDC credits upon receipt of the signed escrow documents and confirmation
<br />that the funds have been deposited in escrow. Please note that the refund of previously paid SDC's will be made to
<br />the building permit applicant.
<br />Please call me at 687 -5255 if you have questions or comments, or need clarification of any item in either document.
<br />A. NEDCO AGREES:
<br />To deposit funds in the amount of $16,104.00, into an escrow account to satisfy obligations in Eugene Code 7.145
<br />for the private construction of public improvements, located in that portion of the northwest quarter of 17 -04 -26
<br />designated as "public park" on the subdivision plat, recorded as file #75, slide #71, Lane County Plat Records.
<br />2. The escrow account is being established at NEDCO's request, to provide the City with security in an amount
<br />sufficient to cover all engineering and construction costs, including a one -year warranty period, associated with
<br />completion of the Park.
<br />The following timelines shall be met, and NEDCO further agrees that failure to do so may result in immediate
<br />disbursement of funds to the City upon demand by the City Engineer, without concurrence from NEDCO:
<br />a. On or before July 1, 1995 (or at a later date as may be established by the City through a written amendment
<br />to the agreement) a park site design plan must be approved in writing, by the City Maintenance Support
<br />Manager.
<br />b. All costs incurred by the City for design review and construction inspection of the improvements, including
<br />plan review and processing, inspections, materials testing, and other engineering services, will be billed and
<br />payable monthly with final payment due prior to the City's final acceptance of the completed improvements
<br />and release of escrow.
<br />C. Construction of the park improvements will be completed to City Standard specifications and the
<br />improvements accepted in writing by the City, on or before September 30, 1996 (or at a later date as may be
<br />established by the City through a written amendment to the agreement).
<br />page 1 of 2
<br />;60 Public Worl
<br />Engineering
<br />City of Eugen
<br />April 21, 1995
<br />858 Pearl Stri
<br />Eugene, Orec�
<br />John Hubbird
<br />(503) 687 -529
<br />Executive Director,
<br />Neighborhood Economic Development Corporation ( NEDCO)
<br />769 Monroe
<br />Eugene, OR 97402
<br />SUBJECT: AMENDMENT TO PARK SYSTEMS DEVELOPMENT
<br />CHARGES (SDC) CREDIT AGREEMENT
<br />DATED NOVEMBER 10, 1994
<br />1
<br />Dear John,
<br />We agree that depositing funds in an escrow account will be a suitable security for construction of the public park
<br />improvements in the Field of Dreams development, and will grant Park SDC credits both for the remaining
<br />development and retroactively for those Park SDC's already paid. This will require amendments to the existing
<br />agreement and the development of escrow instructions.
<br />This agreement will amend the original agreement provisions and any discrepancy between the terms of this
<br />agreement and the original agreement shall be controlled by this agreement. Attached is a copy of the escrow
<br />instructions we have prepared for Western Pioneer Title Company to process. Please sign both copies of this letter,
<br />indicating acceptance of this agreement, and return both copies to me. A self addressed, stamped envelop has been
<br />included for your convenience. Upon receipt of the signed agreement, we will forward a copy of the escrow
<br />instructions to Western Pioneer Title Company, who will be instructed to prepare the necessary escrow documents for
<br />you to sign. We will begin granting the SDC credits upon receipt of the signed escrow documents and confirmation
<br />that the funds have been deposited in escrow. Please note that the refund of previously paid SDC's will be made to
<br />the building permit applicant.
<br />Please call me at 687 -5255 if you have questions or comments, or need clarification of any item in either document.
<br />A. NEDCO AGREES:
<br />To deposit funds in the amount of $16,104.00, into an escrow account to satisfy obligations in Eugene Code 7.145
<br />for the private construction of public improvements, located in that portion of the northwest quarter of 17 -04 -26
<br />designated as "public park" on the subdivision plat, recorded as file #75, slide #71, Lane County Plat Records.
<br />2. The escrow account is being established at NEDCO's request, to provide the City with security in an amount
<br />sufficient to cover all engineering and construction costs, including a one -year warranty period, associated with
<br />completion of the Park.
<br />The following timelines shall be met, and NEDCO further agrees that failure to do so may result in immediate
<br />disbursement of funds to the City upon demand by the City Engineer, without concurrence from NEDCO:
<br />a. On or before July 1, 1995 (or at a later date as may be established by the City through a written amendment
<br />to the agreement) a park site design plan must be approved in writing, by the City Maintenance Support
<br />Manager.
<br />b. All costs incurred by the City for design review and construction inspection of the improvements, including
<br />plan review and processing, inspections, materials testing, and other engineering services, will be billed and
<br />payable monthly with final payment due prior to the City's final acceptance of the completed improvements
<br />and release of escrow.
<br />C. Construction of the park improvements will be completed to City Standard specifications and the
<br />improvements accepted in writing by the City, on or before September 30, 1996 (or at a later date as may be
<br />established by the City through a written amendment to the agreement).
<br />page 1 of 2
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