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s •• HOSTICK Robin A From: HOSTICK Robin A Sent: Thursday, November 17, 2005 3:01 PM To: MEDLIN Johnny R; 'Bob Quinney'; ROYER Russ C; 'gordon@adhomes.com' Subject: WUP trade agreement mtg notes Here's a summary of our discussion on 11/9. Please let me know if you have questions, corrections, or additional information. As I mentioned to Bob earlier today, we encountered schedule conflicts for our meeting this afternoon. The next opening would be on 12/6 in the afternoon. In the interest of reaching resolution as quickly as possible, I propose that we continue to work on these items through cross-discussion as we get new information or reach new conclusions. Thanks, all. - Robin KEY ISSUES ISSUE: Recital A-Property owner(Q) wishes to receive an additional 400sf(the difference between 65'and 67'park property dimension in N/S direction) as part of the exchange. At a square foot cost of$22, this would be an additional $8800(400sf at$22/sf). Q POSITION: The change in square footage is incidental and should require no additional payment PARKS&OPEN SPACE(POS) POSITION: POS needs to receive payment or like value for square foot value of exchanged property established by the appraisal. ISSUE: Recital A-Demolition of house on proposed future park property Q POSITION: POS to pay for demolition of house, or Q to pay for demolition IF POS relinquishes request for payment for additional property POS POSITION: Exchange based on bare land values;will accept property after demolition is completed, including removal of building and all other existing improvements ISSUE: Exhibit 4, Right of First Refusal - Time periods for acceptance and execution of Right of First Refusal Q POSITION: Longer time periods preferred POS POSITION: 30 days to make a binding decision to invoke the Right of First Refusal and meet the most competitive earnest offer; 60 days following date of acceptance to execute purchase ISSUE: 1.A- Timing of payment to POS Tentative agreement that payment may be deferred until the earlier of: receipt of certificate of occupancy for new buildings, or September 30,2007. Q to pay interest between date of closing and date of payment. Interest rate tentatively established at 6.5%. City staff confirming that we have the authority to do this. ISSUE: 1.E- Use of City land for construction access and staging Tentative agreement that POS to issue a permit for Quinney's use of property for construction access and staging activities, to expire on or before Sept. 30, 2007. Agreement and permit shall include mutual hold harmless language. Need to track down original sanitary easement bisecting future park property and add language agreeing to release such. Receipt of park property following construction activities, upon termination of use permit, shall be free and clear of all encumbrances-add "except for easements on record and ROFR attached as Exhibit 4." ISSUE: Item 1.1 -Demolition of existing park improvements Q POSITION: POS to pay for demolition of park improvements POS POSITION: Q is responsible for demolition of park improvements in areas to be used by Quinney for construction staging and access; POS is responsible for demolition of park improvements outside of these areas. POS looking further into extent of demolition, including potential ROW issues. ISSUE: 1.0 + 16- Q desires POS facilitation of development review and permit process POS POSITION: No authority to modify or influence this process. Can cooperate to the extent needed as a partner in the agreement. ISSUE: 14- Q requests 20'visual and lighting easement along south edge of proposed future park property POS POSITION: Does not feel this is possible due to permanent reduction in land value resulting from easement Q POSITION: Not in agreement. Considering POS position.