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hills -which we have under contract to purchase and is scheduled to close in about 2 weeks. The <br /> approved funding included $330,000 from POS-ridgeline 1998 bond funds, $300,000 from POS <br /> neighborhood :park 1998 bond fund, and $175,000 from stormwater corridor acquisition :account.. The <br /> i balance of the appraised value in the amount of $113,000 is to be by donation from the owner. <br /> I <br /> Since entering into the purchase agreement an opportunity for the city to apply for some federal forest <br /> <br /> . ~ - legacy funds has become available -which could provide $600,000 of the total acquisition cost. Our <br /> i opportunity is enhanced by not taking ownership at this time. The owner understands the City's desire <br /> to obtain the federal funding to help make our remaining funds go as far as possible. As such he has <br /> agreed to accept a $200,000 non-refundable earnest money at this time and carry the balance of <br /> about $600,000 for 12 months to give us time to seek approval of the forest legacy funding. The city <br /> will retain the right to close earlier if we wish to do so, but at any rate we are committed to completing <br /> the acquisition, just as it we were closing and paying the entire purchase price in 2 weeks. <br /> A few questions. Would it be appropriate to go ahead and either move or mark these funds totaling <br /> $805,000 into a separate account so it is clear they are not available for other purposes? We will be <br /> needing $200,000 plus perhaps a couple thousand in closing costs at this time - is there a preferable <br /> j fund to pull the interim funding from? The owner has requested 7% interest per annum on the <br /> remaining balance and Johnny asked me to make sure you were not aware of any problems with the <br /> interest obligation? In a years time 7% interest on the $600,000 would be about $42,000, so perhaps <br /> j ~ that additional amount of funds should also be obligated at this time? Please let us know if you have <br /> I ~,~?Q, 3~' other questions, concerns, or need further clarification. Thanks. Russ <br /> j <br /> ' / 7~/ r -----Original Message----- <br /> ! From: RICHARDSON Philip S <br /> ~ ~l Sent: Thursday, September 29, 2005 3:45 PM <br /> To: ROYER Russ C <br /> Subject: FW: Evans parcel acquisition <br /> Here is the memo that Johnny wrote -the funding. breakdown is in it. <br /> Z~9 <br /> j 2 -Philip <br /> ~'~1 <br /> ~ D <br /> -----Original Message----- <br /> ~~l From: MEDLIN Johnny R <br /> Sent: Monday, August 01, 2005 12:12 PM <br /> To: COREY Kurt A <br /> Cc: RINER Andrea G; RICHARDSON Philip S; MEDARY Sarah ROYER Russ C <br /> Subject: Evans parcel acquisition <br /> Hi Kurt, <br /> The attached memo is our request to proceed with the Evan's acquisition which I discussed with <br /> I you last week. I have addressed our justification and funding memo to you but it could easily be <br /> changed to Dennis if you so desire. Please note included with the electronic memo is also an <br /> electronic map showing the relationship of this proposed purchase with the other park properties. <br /> I would appreciate getting an answer as early as you would deem reasonable due to our need to <br /> facilitate the discussion with the property owner especially now that we have. a substantial <br /> donation component included in this package. <br /> Thanks <br /> Johnny <br /> « File: Corey 8-OS- Evans parcel memo.doc » <br /> Johnny R. Medlin, Director <br /> Parks and Open Space Division of Public Works <br /> 1820 Roosevelt Blvd. <br /> Eugene, OR 97402 <br /> (54 9) 682-4930 -Office <br /> (541) 682-4884 -FAX <br /> 3 <br /> <br />