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/ June 28, 2010 <br /> 0-• LETTER OF INTENT <br /> OPy <br /> Arlie & Company . <br /> EUGENE 2911 Tennyson Avenue, Suite 400 <br /> Parks and Eugene, OR 97408 <br /> Open Space <br /> Dear Ms. Arlie, <br /> Keeping Eugene Green The purpose of this letter is to express the interest of the City of Eugene ("Eugene") in <br /> negotiating with Arlie & Company("Arlie") for the purchase of real property in the general <br /> A DIVISION OF PUBLIC WORKS vicinity of the property depicted on the attached Exhibits A and B. Although the specifics <br /> 1820 ROOSEVELT BLVD of an actual sale/purchase still need to be agreed upon, the types of terms and conditions are <br /> EUGENE,OREGON 97402 expected to include,but not be limited to, the following: <br /> (541)6824806 1. Sale. Arlie would sell to Eugene real property in the general vicinity of the <br /> FAX(541)6824882 <br /> property described on the attached Exhibits A and B. <br /> WWW.EUGENE-OR.GOV/PARKS <br /> 2. Consideration. The consideration for the purchase of the property would be <br /> as follows: for the property lying south of the Ridgeline Trail, the price would be $5,000 <br /> per acre (approximately 286.60 acres) and for the property lying north of the Ridgeline <br /> Trail, the price would be $18,000 per acre (approximately 28.40 acres), for an approximate <br /> PARKS AND OPEN SPACE PLANNING total purchase price of approximately $1.944 million. The property to be conveyed would <br /> need to be certified by an Oregon licensed surveyor to verify the exact acreage once actual <br /> PARK OPERATIONS property lines are finalized. The final sales price would be reduced by a $600,000 credit in <br /> payment of the obligation of Arlie as set forth in the purchase and sale agreement between <br /> URBAN FORESTRY the parties dated May 20, 2008, covering the sale of adjoining property. <br /> 3. Closing. The parties anticipate closing no later than 30 days following <br /> NATURAL RESOURCES approval by the Bankruptcy Court and no later than December 31, 2010. <br /> 4. Effect of this Letter. This letter sets forth the intent of the parties only, is <br /> not binding on the parties, and may not be relied on as the basis for any claim whatsoever. <br /> The parties understand that no party shall be bound until a formal purchase and sale <br /> agreement has been negotiated, delivered, and approved by the City, by the Bankruptcy <br /> Court in connection with Arlie's Chapter 11 reorganization proceeding, and by the Board of <br /> Directors of Arlie. <br /> 5. Termination of Negotiations. This letter may be terminated at any time by <br /> either party giving written notice to the other. <br /> EUGENE <br />