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2. While I am not totally opposed to the leasing of approximately 31,200 square feet of the <br /> undeveloped portion of Bond Park to a private owner, I do question several of the <br /> motives surrounding such lease /option. The proposed lease rate is on the basis of $468 <br /> per year. The current assessed value for the entire 3.51 acre tax lot is $75,480 or <br /> $21,504 per acre. This indicates an assessed value of $0.494 per square foot. By <br /> dividing the annual rent of $468 by an allocated $15,402 (31,200 square feet times .494) <br /> results in an approximate 3% return. Why would the city enter into such an agreement? <br /> In addition, in the legal notices published in the Register Guard, it indicates in Item No. <br /> 6 that "the lease rate will remain constant; any change in the valuation established by the <br /> Lane County Department of Assessment and Taxation (currently $0.50 per square foot <br /> for oversized lots in that area) would cause corresponding change in the lease amount." <br /> This seems contradictory. It is indicated that there will be no change in the lease rate, <br /> however, any change in the assessed value would cause a corresponding change in the <br /> lease amount. This is confusing as to the intent. <br /> 3. Also within the legal notice it indicates that upon revision of the Willakenzie Plan to <br /> allow sale of the property, that the lessee would have the first right of refusal to purchase <br /> the land based upon the assessor's fair market value or an appraisal. You should keep <br /> in mind that by adding an additional 31,200 square feet to an adjacent ownership could <br /> allow that ownership, assuming that it was not already fully developed, to considerably <br /> increase its density. Rarely is the assessed value of exempt properties representative of <br /> actual market value. <br /> 4. Hopefully the City of Eugene is not in such financial straights that it is forced to liquidate <br /> its assets. This would be contradictory to the findings within the Willakenzie Plan. It <br /> is stated within the plan that there is a shortage of parkland within the Willakenzie area <br /> and that efforts to acquire more parkland should be undertaken. This is a portion of an <br /> already assembled park in an established neighborhood. The easterly approximate 15 <br /> acres is designated for future medium density residential development. I question the <br /> wisdom in long -range park planning for conveying this portion of Bond Park to private <br /> parties. <br /> 5. I wish that someone would explain to me why I had to learn of this pending action <br /> through reading the legal section of the Register Guard? Land use decisions such as this <br /> which may have long -term impacts on the livability of neighborhoods should involve <br /> citizen input. Simply placing this item in the legals and not notifying any of the <br /> neighbors or asking for citizen input does not represent an attitude which results in <br /> confidence in local government. <br /> DUNCAN & BROWN <br />