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EUGENE Public Works Engineering City of Eugene 858 Pearl Street Eugene, Oregon 97401 July 17, 1996 (541) 687 -5291 (541) 687 -5032 FAX Clayton Walker C. W. Walker and Associates P. O. Box 1338 Eugene, Oregon 97440 Dear Clayton Walker: This letter serves to update a letter of agreement, dated 12/13/95, between yourself and the City of Eugene concerning the acquisition of a park site within the Second Addition to Crescent Meadows. What follows reflects verbal agreements we came to during the course of several recent phone conversations. Concerning Agreement B: The acquisition of the new park site will be paid for by a combination of land, an area equal to the new site, plus cash based on the following considerations: The current park area to be exchanged is of lesser value because it is not likely to have necessary utilities available to be subdivided and developed for about three years. The cost to hold that property for the additional time period is estimated and agreed to be $20,000.00. The area that the City conveys to Terra Buono Properties III will be 90,556 square feet, which is the same square footage as the parcel being exchanged from Terra Buono to the City. It will consist of a parcel of land along the east edge of the current Crescent Park that is described in Exhibit `B ", a description prepared by Poage Engineering and Surveying, Inc. Concerning Agreement D of the 12/13/95 Agreement, it is amended as follows: It is agreed that the City will pay $120.00 per lineal foot of frontage for street construction costs (including, but not limited to paving, curbs, water, electricity, street lights, engineering fees, sanitary and storm sewers). Sidewalks are extra at a cost not to exceed $3.50 per square foot. At time of construction of the sidewalks, the contractor will install 4 conduits for future irrigation needs. The locations and pipe specifications shall be determined by the City. The additional cost for the conduits and installation shall be borne by the City. Payment for these costs is due and to be paid by the city within 30 days of invoice from developer, which may be submitted upon completion of said improvements. The following agreement is added to the Agreement: F. The Developer will plat a subdivision that includes a future street alignment centered on the revised park easterly property line for at least 85% of the north -south dimension of the park.