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As anticipated we were unable to complete the engineering and appraisal work to be able to close escrow <br /> by the October 1st date set by the property owner and the pending purchase agreement elapsed. Staff <br /> again requested extension of the closing date but the property owner declined an extension and explained <br /> due to funding uncertainties he planned to continue with his development plans. <br /> An initial verbal report from the appraiser indicated that the appraisal expected to be presented to the City <br /> this week will be close to $430,000 or almost $170,000 short of the $600,000 that the property owner is <br /> asking. Once the formal appraisal has arrived, we will supply this information to State Parks and to the <br /> property owner and continue negotiations based on this new information. <br /> For more information, please contact me at 682 -4930 or johnny.r.medlin @ci.eugene.or.us. <br /> Attached is a detailed chronology of the acquisition from fall 1998 to August 2004. <br /> # ## <br /> Page 2 <br />