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WEISS Cela M <br />From: <br />ETTER John F <br />To: <br />FERGUSON Joe M; ROYER Russ C <br />Cc: <br />WEISS Cela M; WEBER John J <br />Subject: <br />RE: Suess agreement extension <br />Date: <br />Wednesday, September 02, 1998 11:OOAM <br />No payments have been made. There is a potential that Bob Suess would donate the easement. If we acquire it <br />without donation, the price would be based on the formula of principle (not yet paid) plus interest compounded <br />according to the agreement. I was not in on the negotiation to reduce the interest rate to 3.5 %, but since that was <br />in the last draft that I see only signed by Gleason, I assume that would be a point of departure for the new draft. I <br />think that once we agreed to the price that the value of $6,250 is based on increases in the general cost of living or <br />bank interest rather than increases in the cost of land. <br />As to future payoff, it depends if Suess can get 5 acre zoning on his 124 acres. He sees small parcels all around <br />him on Blanton Road, Crest Drive and Lorane Hwy and thinks the County should let him fill in with the same. I <br />don't see that happening for a long time, based on waste water issues. This area has some ground high enough <br />to offer views to Fern Ridge Lake, and in the end, it might make a good park, after some trees grow back. Bob is <br />getting old, and with no development potential in sight, it might be fairly cheap to acquire. - -John <br />From: ROYER Russ C <br />To: ETTER John F; FERGUSON Joe M <br />Cc: WEISS Cela M <br />Subject: RE: Suess agreement extension <br />Date: Wednesday, September 02, 1998 9:43AM <br />Having not been involved in the original agreement I am not clear why there would need to be extensions or <br />renegotiations of terms or interest rates of the agreement. It sounds like the price of the easement was <br />established at $6,250 with payments being made on the balance. Apparently the interest rate was to be <br />renegotiated. How much are the payments - or how soon will the note amortize? I wonder if it won't be paid off <br />before an additional 10 year extension. Since it is a relatively small balance would it be a desirable option to pay <br />off the remaining balance at this time? <br />From: ETTER John F <br />To: FERGUSON Joe M; ROYER Russ C <br />Cc: WEISS Cela M <br />Subject: Suess agreement extension <br />Date: Tuesday, September 01, 1998 4:27PM <br /><<File Attachment: suess memo.wpd »Here is a draft of a memo to the City Manager that would cover an <br />extension of an agreement that has lapsed. I think the situation will be evident as you read it. I am having Cela <br />Weiss prepare a new draft from the one that apparently did not get completed, with appropriate date and narrative <br />changes. I'll have Cela e-mail you a draft for your review and comment. - -John <br />Page 1 <br />