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HomeMy WebLinkAboutItem 10 Franklin Blvd Surplus Real Property AGENDA ITEM SUMMARY Meeting Date: 4/19/2021 Meeting Type: Regular Meeting Staff Contact/Dept.: Courtney Griesel/CMO Kristina Kraaz/CAO Staff Phone No: 541-726-3700 Estimated Time: 10 Minutes S P R I N G F I E L D C I T Y C O U N C I L Council Goals: Encourage Economic Development and Revitalization through Community Partnerships ITEM TITLE: PUBLIC HEARING FOR THE DECLARATION OF SURPLUS REAL PROPERTY ACTION REQUESTED: Adopt/Not Adopt a resolution declaring certain real property owned by the City of Springfield surplus and directing the City Manager to offer such property for sale. ISSUE STATEMENT: With prior authorization by the City Council, the City has entered into a purchase and sale agreement with Wildish Companies for approximately 11,800 sq. ft. of property located between Franklin Blvd. (OR-225) and addresses 5000 and 4990 Franklin Blvd. The property includes a remnant portion of the larger City owned taxlot 18-03-03-40-01200. ATTACHMENTS: 1. Resolution Exhibit A – Property Description Exhibit B - Purchase and Sale Agreement (Amended) 2. Vicinity Map of Property 3. Oregon Department of Transportation Review and Opinion of Value, 2019 4. Deed to Oregon Department of Transportation, 1966 DISCUSSION/ FINANCIAL IMPACT: The City of Springfield entered into a purchase and sale agreement with Wildish Companies for the sale of City owned real property fronting their, at the time, prospective redevelopment site. This site has since moved into construction phases, soon to be the home of a new Weyerhaeuser headquarter facility. The property for surplus is zoned Glenwood Employment Mixed-Use and this surplus and subsequent sale will facilitate the completed development of the adjacent, under construction, employment site. The City obtained the property from Oregon Department of Transportation (ODOT) in 2016 for future right of way (ROW), and in 2020 obtained ODOT’s reversionary interest in the property to allow portions not needed for future Franklin Blvd upgrades to be used for development uses other than public rights of way. (See the ODOT Review and Opinion of Value in Attachment 3.) Sale of this land to Wildish Companies includes consideration of: • The identified 11,800 sq. ft. portion of taxlot 18-03-03-40-01200 direction fronting redevelopment property located at 5000 and 4990 Franklin Blvd. • The 1966 original condemnation of the Wildish owned property by ODOT at a value of $1.12/sq. ft. (adjusted for inflation to 2020 dollars) (See the deed in Attachment 4). This per sq. ft. valuation has been used for setting a value of this transaction. • The transaction also includes an exchange of 3,000 sq. ft. of Wildish owned property to the City located nearby and along Nugget Way. This property will be needed for future City ROW. • Wildish will pay the City $9,856.00 for the remaining 8,800 sq. ft. in addition to paying the survey and permitting costs for the transaction. CITY OF SPRINGFIELD, OREGON RESOLUTION NO. ___________ A RESOLUION AUTHORIZING THE SALE OF SURPLUS REAL PROPRETY (A PORTION OF MAP 18-03-03-40, TAXLOT 1200) TO WILIDSH INDUSTRIAL DEVELOPMENT CORP WHEREAS, pursuant to ORS 271.310, the City is authorized to sell, exchange, or convey real property in the City’s possession or control that is not needed for public use; WHEREAS, Springfield Municipal Code Section 2.714 provides that the City may dispose of surplus property by any means determined in the best interest of the City wit due regard for the value the city will receive from the disposal of the surplus property; WHEREAS, in 2016, the City obtained the real property located at Assessor’s Map 18-03-03-40, Tax Lot 1200, adjacent to Franklin Blvd (OR-225) from Oregon Department of Transportation (ODOT) so long as it was used for transportation purposes, otherwise it would revert to ODOT; WHEREAS, in 2020, the City acquired ODOT’s reversionary interest in the property and the City now owns the property in fee simple title; WHEREAS, the City Council has determined that approximately 11,800 square feet of the Property, more fully described in Exhibit A, adjacent to 5000 and 4990 Franklin Blvd is not needed for public use; WHEREAS, Wildish Industrial Development Corp. desires to acquire the surplus property from the City to facilitate development of their adjacent property as a corporate regional headquarters and has proposed to exchange 3,000 square feet of property along Nugget Way for a portion of the surplus property and will pay $9,856.00 for the remaining 8,800 square feet as described in Exhibit B; and WHEREAS, the City Council held a public hearing on April 19, 2021 regarding the sale of this surplus property, which was noticed in the Register Guard at least five days in advance according to ORS 221.725, NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SPRINGFIELD: Section 1: The City Council hereby declares the property described in Exhibit A as surplus and accepts the terms of sale to Wildish Industrial Development Corp., as described in Exhibit B. Section 2: This Resolution will take effect upon adoption by the Council. ADOPTED by the Common Council of the City of Springfield this ___ day of _________, ____, by a vote of _____ for and ____ against. ATTEST: __________________________ City Recorder Attachment 1, Page 1 of 44 Exhibit A Surplus Property shown as shaded Exhibit A, Page 1 of 1 Attachment 1, Page 2 of 44 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT October 2020Date: Between: Owner of Real Property located at Map number 18-03-03-40,Tax Lot City of Springfield,A Municipal Corporation of the State of Oregon ("City") 225 Fifth Street Springfield,Oregon 97477 1200 Owner of the Real Property located at 4990 and 5000 Franklin Blvd, Map number 18-03-03-14,Tax Lots 500 and 700 Wildish Industrial Development Corporation ("Wildish") 3600 Wildish Ln PO Box 40310 Eugene OR 97404 WHEREAS,City and Wildish entered into a Purchase and Sale Agreement dated August 20,2020 (Agreement)regarding the purchase and sale of the properties described in that Agreement;and WHEREAS,the parties now wish to amend some of the terms and provisions of that Agreement to allow closing to occur after approval of a property line adjustment preliminary survey for the properties identified in the Agreement,and simultaneously or nearly simultaneously with the final survey approval, NOW THEREFORE,the parties hereby agree that the Purchase and Sale Agreement dated August 20,2020 is amended for the first time as follows: A.Section 3.1.5 is hereby replaced with the following: 3.1.5 The City as Owner will deposit in Escrow a properly executed Property Line Adjustment deed conveying the McVay Highway Property to Wildish, in the general form of the deed attached as Exhibit D.Wildish as Owner will deposit in Escrow a properly executed Property Line Adjustment Deed conveying the Nugget Way Property to the City,in the general form of the deed attached as Exhibit D. B.Section 7 is hereby replaced with the following: 7.Closing of Sale.Parties agree that the sale and purchase of these properties (the "Closing")shall be simultaneously closed in escrow within 90 days of the date of final approval of a Property Line Adjustment preliminary survey for the properties to be transferred as described in the Page 1 of 2PURCHASE&SALE AGREEMENT -FIRST AMENDMENT{00017203:2} Exhibit B, Page 1 of 42 Attachment 1, Page 3 of 44 Agreement,unless the time is extended by mutual agreement of the Parties in writing.The escrow for the Closing will be established at t h e office of Evergreen Land Title Company at 1570 Mohawk Blvd,Springfield, Oregon 974 77. C.Section 8.1.1 is hereby replaced with the following: 8.1.1 The Property line adjustment deeds described in Paragraph 3.1.5,duly executed and acknowledged; D.Exhibit D is replaced with the document attached hereto labeled as Exhibit D. E.Except as specifically stated herein,all terms and provisions of the Purchase and Sale Agreement continue in full force and effect. SIGNED: CITYWILDISH c\ 1 - L By Steven Wilgish Vice President,Wildish Industrial Development Corporation By Nancy Springfield City Manager :on REVIEWED &APPROVED AS TO FORM Ki'tiCuia/Ki'txasj, date:10/22/2020 SPRINGFIELD CITY ATTORNEY'S OFFICE Page 2 of 2PURCHASE&SALE AGREEMENT -FIRST AMENDMENT{00017203:2} Exhibit B, Page 2 of 42 Attachment 1, Page 4 of 44 CAniDI I u (First Amendment) After recording return to: Branch Engineering 310 5th St Springfield OR 97477 No Change to Tax Statements GRANTEE/GRANTOR:Wildish Industrial Dev.Corp.,PO Box 40310,Eugene OR 97404 LEGAL LOT ONE ADJUSTMENT DEED (DECLARATION) 1 of 3 This Legal Lot Line Adjustment Deed and Declaration is made between Wildish Industrial Dev.Corp.,owner of the real property described in Exhibit D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records,herein referred to as Tax Lot 500,and Wildish Industrial Dev.Corp.,owner of the real property described in Exhibit C of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records,herein referred to as Tax Lot 700. The purpose of this Deed is to adjust the property boundary line between two legal lots owned by Wildish Industrial Dev.Corp.and to agree on a revised line separating the legal lots to comply with the City of Springfield Land Use Regulations and approved on ,2020 as Journal Number Oregon Revised Statutes 92.190(4)as acknowledged hereon.No additional legal lots, parcels,lots or tracts will be created from this Legal Lot Line Adjustment.This Deed does not extinguish,combine or vacate any "lawfully established unit of land"as defined in ORS 92.017. The legal description of Tax Lot 500 prior to this adjustment is contained in Exhibit A, attached hereto and made a part hereof. The legal description of Tax Lot 700 prior to this adjustment is contained in Exhibit B, attached hereto and made a part hereof. Whereas:the line being adjusted herein is the entire southerly boundary of said Tax Lot 500. Whereas:Wildish Dev.Corp.does hereby,grant,convey and execute a transfer of property through means of an approved Property Line Adjustment and this deed the area between the existing common boundary line and the newly adjusted boundary line. The true consideration for this conveyance has been previously agreed upon between the two entities,the receipt of which is hereby acknowledged. {00017298:1} .,and the provisions of Page 1 of 8 Exhibit B, Page 3 of 42 Attachment 1, Page 5 of 44 Therefore,for purposes of accomplishing this Legal Lot Line Adjustment the parties hereby state that: The legal description of Tax Lot 500 after this adjustment is contained in Exhibit C, attached hereto and made a part hereof and The legal description of Tax Lot 700 after this adjustment is contained in Exhibit D, attached hereto and made a part hereof. That portion of the legal description that depicts the new adjusted line between Tax Lot 500 and Tax Lot 700 is underlined in Exhibits "C"and "D"attached hereto. Disclosure required by ORS 93.040(1) BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424, OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17,CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010.THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS.BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL,AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL,TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES,AS DEFINED IN ORS 30.930,AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424,OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17, CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010. Page 2 of 8{00017298:1} Exhibit B, Page 4 of 42 Attachment 1, Page 6 of 44 ,2020Datedthisdayof Steve Wildish,Vice President Wildish Industrial Development Corporation STATE OF OREGON ) )ss County of Lane ) .,2020 personally appeared the above-named Steve Wildish as Vice President of Wildish Industrial Development Corporation and acknowledged the foregoing to be his voluntary act and deed. On Notary Public for the State of Oregon My commission expires: Page 3 of 8{00017298:1} Exhibit B, Page 5 of 42 Attachment 1, Page 7 of 44 EXHIBIT A Tax Lot 500 Before Adjustment This legal description is copied as a reference from real property described in Exhibit D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records and is not intended to replace said conveyance description. Beginning at a 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in Book 56,Page 11 of the Lane County Oregon Plat Records,said point being on the westerly margin of McVay Highway and 50.0 feet from when measured at right angles to the "L"centerline of McVay Highway as said centerline is described in a deed to the State of Oregon by and through its State Highway Commission and recorded March 9,1966,Instrument No.39389 of the Lane County Oregon Deed Records;thence along said westerly margin of McVay Highway South 5°4ril"East 315.20 feet to a point marking the intersection of the westerly margin of McVay Highway and the south margin of Nugget Way as said right of way is granted in the said plat of Wildish Industrial Tracts, said point being the True Point of Beginning;thence leaving the westerly margin of McVay Highway and running along the south margin of Nugget Way South 89T0'49"West 332.20 feet to a point marking the intersection of the south margin of Nugget Way and the easterly margin of Newman Street;thence leaving the south margin of Nugget Way and running along the easterly margin of Newman Street South 4°40'56"East 3.10 feet and South 36°40'44"West 122.66 feet to a point marking the intersection of the easterly margin of Newman Street and the centerline of a private railroad spur line;thence leaving the easterly margin of Newman Street and running along the centerline of the private railroad spur line along the arc of a 398.83 foot radius curve right (the chord of which bears South 24°22'41"East 165.70 feet)a distance of 166.92 feet;thence leaving said centerline and running North 89°36,49"East 362.1 5 feet to a point on the westerly margin of McVay Highway,said point being 50.0 feet westerly of when measured at right angles to the "L"centerline of McVay Highway;thence along the westerly margin of McVay Highway North 5041T1"West 255.96 feet to the True Point of Beginning,all in Lane County Oregon. Bearings used hereon are based on C.S.F.No.13114 on file in the office of the Lane County Surveyor. Page 4 of 8{00017298:1} Exhibit B, Page 6 of 42 Attachment 1, Page 8 of 44 EXHIBIT B Tax Lot 700 Before Adjustment This legal description is copied as a reference from real property described in Exhibit C of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records and is not intended to replace said conveyance description. Beginning at a 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in Book 56,Page 11 of the Lane County Oregon Plat Records,said point being on the westerly margin of McVay Highway and 50.0 feet from when measured at right angles to the "L"centerline of McVay Highway as said centerline is described in a deed to the State of Oregon by and through its State Highway Commission and recorded March 9,1966,Instrument No.39389 of the Lane County Oregon Deed Records;thence along said westerly margin of McVay Highway South 5°41T1"East 571.16 feet to the True Point of Beginning;thence leaving the westerly margin of McVay Highway and running South 89°36'49"West 362.16 feet to a point on the centerline of a private railroad spur line;thence along the centerline of the private railroad spur line along the arc of a 398.83 foot radius curve right (the chord of which bears South 9°02T9"East 46.61 feet)a distance of 46.64 feet and South 5°4ri9"East 192.34 feet;thence leaving the centerline of the private railroad spur line and running North 89°36'49"East 359.41 feet to a point on the westerly margin of McVay Highway,said point being 50.0 feet from when measured at right angles to the "L"centerline of McVay Highway;thence along the westerly margin of McVay Highway North 5°41T1"west 238.62 feet to the True Point of Beginning all in Lane County Oregon. Bearings used hereon are based on C.S.F.No.13114 on file in the office of the Lane County Surveyor. Page 5 of 8{00017298:1} Exhibit B, Page 7 of 42 Attachment 1, Page 9 of 44 EXHIBIT C Tax Lot 500 After Adjustment Being a portion of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records,said portion being more particularly described as follows: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts,said point being the POINT of BEGINNING;THENCE along said southeasterly right-of-way margin South 03°39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West,76.93 feet,more or less,to a point on a line lving parallel to and 44.00 feet northeasterly,bv perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7.2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records:THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangencv:THENCE continuing along said parallel line South 04°53'53"East.45.27 feet to a point:THENCE North 89°54'59"East.268.47 feet to a point:THENCE at right angles to the last course North 00°05'01"West.12.00 feet to a point:THENCE at right angles to the last course North 89"54'59"East.45.58 feet,more or less,to a point on the aforesaid westerly right-of-wav margin:THENCE along said right-of-way margin North 04°54'31"West,328.91 feet, more or less,to a point on the aforesaid southerly right-of- way margin of Nugget Way;THENCE along said southerly right-of-way margin South 89°57'29"West,332.22 feet, more or less,RETURNING to the POINT of BEGINNING. REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY NOVEMBER 30,2007 RENEE CLOUGH 69162LS RENEWAL DATE:12/31/21 Page 6 of 8{00017298:1} Exhibit B, Page 8 of 42 Attachment 1, Page 10 of 44 The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. EXHIBIT D Tax Lot 700 After Adjustment Being a portion of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records,said portion being more particularly described as follows: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 f e e t to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89057'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39'34" East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way; THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West, 76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records,said point being the POINT of BEGINNING;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32,25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangencv:THENCE continuing along said parallel line South 04°53'53"East.45.27 feet to a point:THENCE North 89°54'59"East.268.47 feet to a point:THENCE at right angles to the last course North 00°05'01"West.12.00 feet to a point:THENCE at right angles to the last course North 89°54'5 9"East.45.58 feet,more or less,to a point on the aforesaid westerly right-of-wav margin;THENCE along said right-of-way margin South 04°54'31"East,165.52 feet,more or less,to the southeast corner of the aforesaid lands described in Exhibit C;THENCE along the southerly boundary of said lands described in Exhibit C North REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY RENEE CLOUGH 69162LS RENEWAL DATE:12/31/21 Page 7 of 8{00017298:1} Exhibit B, Page 9 of 42 Attachment 1, Page 11 of 44 89°37'38"West,359.49 feet,more or less to the southeast corner of said lands described in Exhibit C;THENCE,along the westerly boundary of said lands described in Exhibits C and D North 04°53'53"West,192.96 feet,more or less,to a point of curvature;THENCE continuing along said westerly boundary 213.72 feet along a tangent 398.83 foot radius curve through a delta angle of 30°42T1"with a 211.17 foot chord bearing North 20T4'59"West,more or less,to the northwest corner of said lands described in Exhibit D,said point also being on the aforesaid southeasterly right-of-way margin of Newman Street;THENCE along said right-of-way margin North 37°28T0" East,45.78 feet,more or less,RETURNING to the POINT of BEGINNING. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 8 of 8{00017298:1} Exhibit B, Page 10 of 42 Attachment 1, Page 12 of 44 After recording return to: Branch Engineering 310 5th St Springfield OR 974 77 No Change to Tax Statements GRANTEE/GRANTOR:Wildish Industrial Dev.Corp.,PO Box 40310,Eugene OR 97404 GRANTEE/GRANTOR:City of Springfield,225 5th St,Springfield OR 97477 LEGAL LOT LINE ADJUSTMENT DEED (DECLARATION) 2 of 3 This Legal Lot Line Adjustment Deed and Declaration is made between Wildish Industrial Dev.Corp.,owner of the real property described in Exhibit C of that Legal Lot Line Adjustment Deed (Declaration)1 of 3 recorded on as Reception Number 2020-. Records,herein referred to as Tax Lot 500,and City of Springfield,a municipal corporation of the State of Oregon,owner of the real property conveyed in that Bargain and Sale Deed recorded on February 29,2016 as Reception Number 2016 009565 in the Lane County Oregon Official Records,herein referred to as Tax Lot 1200. The purpose of this Deed is to adjust the property boundary l i n e between a legal lot owned by Wildish Industrial Dev.Corp.and a legal lot owned by City of Springfield and to agree on a revised line separating the legal lots to comply with the City of Springfield Land Use Regulations and approved on ,and the provisions of Oregon Revised Statutes 92.190(4)as acknowledged hereon.No additional legal lots,parcels,lots or tracts will be created from this Legal Lot Line Adjustment.This Deed does not extinguish,combine or vacate any "lawfully established unit of land"as defined in ORS 92.017. The legal description of Tax Lot 500 prior to this adjustment is contained in Exhibit A, attached hereto and made a part hereof. The legal description of Tax Lot 1200 prior to this adjustment is contained in Exhibit B,attached hereto and made a part hereof. Whereas:the line being adjusted herein is the entire easterly boundary and a portion of the northerly boundary of said Tax Lot 500. Whereas:Wildish Dev.Corp.and City of Springfield do hereby,grant,convey and execute a transfer of property through means of an approved Property Line Adjustment and this deed the area between the existing common boundary line and the newly adjusted boundary line. ,2020 in the Lane County Oregon Official 2020 as Journal Number {00017299:1} Page 1 of 8 Exhibit B, Page 11 of 42 Attachment 1, Page 13 of 44 The true consideration for this conveyance has been previously agreed upon between the two entities,the receipt of which is hereby acknowledged. Therefore,for purposes of accomplishing this Legal Lot Line Adjustment the parties hereby state that: The legal description of Tax Lot 500 after this adjustment is contained in Exhibit C, attached hereto and made a part hereof and The legal description of Tax Lot 1200 after this adjustment is contained in Exhibit D, attached hereto and made a part hereof. That portion of the legal description that depicts the new adjusted line between Tax Lot 500 and Tax Lot 1200 is underlined in Exhibits "C"and "D"attached hereto. Disclosure required by ORS 93.040(1) BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424, OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17,CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010.THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS.BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL,AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL,TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES,AS DEFINED IN ORS 30.930,AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424,OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17, CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010. Page 2 of 11{00017299:1} Exhibit B, Page 12 of 42 Attachment 1, Page 14 of 44 day ofDatedthis .,2020 Steve Wildish,Vice President Wildish Industrial Development Corporation STATE OF OREGON ) )ss County of Lane ) .,2020 personally appeared the above-named Steve Wildish as Vice President of Wildish Industrial Development Corporation and acknowledged the foregoing to be his voluntary act and deed. On Notary Public for the State of Oregon My commission expires: Nancy Newton,City Manager City of Springfield,a municipal corporation of the State of Oregon STATE OF OREGON ) )ss County of Lane ) .,2020 personally appeared the above-named Nancy Newton as City Manager of City of Springfield,a municipal corporation of the State of Oregon and acknowledged the foregoing to be her voluntary act and deed. On Notary Public for the State of Oregon My commission expires: Page 3 of 1 1{00017299:1} Exhibit B, Page 13 of 42 Attachment 1, Page 15 of 44 EXHIBIT A Tax Lot 500 Before Adjustment This legal description is copied as a reference from real property described in Exhibit C of that Legal Lot Line Adjustment Deed (Declaration)1 of 3 recorded on ,2020 as Reception Number 2020-. Official Records and is not intended to replace said conveyance description. Being a portion of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records,said portion being more particularly described as follows: in the Lane County Oregon COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts,said point being the POINT of BEGINNING;THENCE along said southeasterly right-of-way margin South 03'39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59"East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,45.58 feet, more or less,to a point on the aforesaid westerly right-of-way margin;THENCE along said right-of-way margin North 04°54'31"West,328.91 feet,more or less,to a point on the aforesaid southerly right-of-way margin of Nugget Way;THENCE along said Page 4 of 1 1{00017299:1} Exhibit B, Page 14 of 42 Attachment 1, Page 16 of 44 / southerly right-of-way margin South 89*5 7'29"West,332.22 feet,more or less, RETURNING to the POINT of BEGINNING. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 5 of 11{00017299:1} Exhibit B, Page 15 of 42 Attachment 1, Page 17 of 44 EXHIBIT B Tax Lot 1200 Before Adjustment This legal description is copied as a reference from real property conveyed in that Bargain and Sale Deed recorded on February 29,2016 as Reception Number 2016 009565 in the Lane County Oregon Official Records and is not intended to replace said conveyance description. A parcel of land lying in Sections 2 and 3,Township 18 South,Range 3 West,W.M.,Lane County,Oregon,the said parcel being those properties described in those Warranty Deeds to the State of Oregon,by and through its State Highway Commission,recorded March 23,1965 on Reel 262D,Instrument No.96511 and recorded January 19,1966 on Reel 280D,Instrument No.33671 and recorded February 8,1966 on Reel 281D, Instrument No.35915 and recorded on March 27,1968 on Reel 385R,Instrument No. 18822 and recorded on March 27,1968 on Reel 385R,Instrument No.18824 all of Lane County Record of Deeds. ALSO being those properties designated as Parcel 1 and those permanent easements for slopes designated as Parcel 2 and described in those Warranty Deeds to the State of Oregon,by and through its State Highway Commission,recorded December 20,1965 on Reel 278D,Instrument No.30329 and recorded January 14,1966 on Reel 280D, Instrument No.33161 and recorded March 27,1968 on Reel 385R,Instrument No. 18823 all of Lane County Record of Deeds. ALSO being that property designated as Parcels 1 and 2 by those permanent easements for slopes designated as Parcels 3,4 and 5 and described in that Warranty Deed to the State of Oregon,by and through its State Highway Commission,recorded March 9,1966 on Reel 283D,Instrument No 39389 of Lane County Record of Deeds. ALSO being that all portion of that property described in that Warranty Deed to the State of Oregon,by and through its State Highway Commission,recorded March 31, 1966 on Reel 284D,Instrument No.41941 of Lane County Record of Deeds lying Northerly of a line at right angles to the center line of Franklin Boulevard (formerly the McVay Highway No.225 at Engineer's Station 122+00.00,said center line being shown on Oregon State Highway Department Drawing 1B-18-13,dated June,1923. Page 6 of 1 1{00017299:1} Exhibit B, Page 16 of 42 Attachment 1, Page 18 of 44 EXHIBIT C Tax Lot 500 After Adjustment Being a portion of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records and those lands conveyed in that Bargain and Sale Deed recorded on February 29,2016 as Reception Number 2016 009565 in the Lane County Oregon Official Records,said portion being more particularly described as follows: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89057'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts,said point being the POINT of BEGINNING;THENCE along said southeasterly right-of-way margin South 03e39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37e28'10"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59"East,268.47 feet to a point;THENCE at right angles to the last course North OO'OS'Ol"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,80.86 feet to a point;THENCE North ir49'08"West.136.91 feet to a noint:THENCE North 10°08T8"West.106.32 feet to a point:THENCE North 05c03'49"West.45.88 feet to a point:THENCE North 12'07'26"West.9.44 feet to a point:THENCE North REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY OREGON NOVEMBER 30,2007 RENEE CLOUGH 69162LS RENEWAL DATE:12/31/21 Page 7 of 11{00017299:1} Exhibit B, Page 17 of 42 Attachment 1, Page 19 of 44 51'21'53"West.8.94 feet to a point:THENCE North 61°50'13"West.9.72 feet to a point: THENCE North 70°56'43"West.22.63 feet to a point:THENCE North 84°03'35"West. 25.74 feet to a point:THENCE North SS'SQ'W West.124.52 feet to a point:THENCE North 83°18'54"West.95.31 feet,more or less,to a point on the aforesaid southerly right-of-wav margin of Nugget Wav:THENCE along said southerly right-of-way margin South 89°57'29"West,61.16 feet,more or less,RETURNING to the POINT of BEGINNING. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 8 of 1 1{00017299:1} Exhibit B, Page 18 of 42 Attachment 1, Page 20 of 44 EXHIBIT D Tax Lot 1200 After Adjustment All those lands conveyed in that Bargain and Sale Deed from the State of Oregon to the City of Springfield recorded on Februaiy 29,2016 as Reception Number 2016-009565 in the Lane County Oregon Official Records EXCEPT all those lands lying westerly of the following described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54,31" East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29"West, 332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03c39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28T0"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59" East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'0T'West,12.00 feet to a point;THENCE at right angles to the last course North 89*54'59"East,45.58 feet,more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of BEGINNING; THENCE North 89°54'59"East.35.28 feet to a point:THENCE North 11J49'08" West.136.91 feet to a noint:THENCE North 10°08T8"West.106.32 feet to a point:THENCE North OSTOW West.45.88 feet to a point:THENCE North 12°07'26"West.9.44 feet to a point:THENCE North 51°2T53"West.8.94 feet to a point:THENCE North 6T50T3"West.1.44 feet,more or less,to a point on the Page 9 of 1 1{00017299:1} Exhibit B, Page 19 of 42 Attachment 1, Page 21 of 44 aforesaid westerly right-of-wav margin,said point being the POINT of TERMINATION. ALSO all those lands described in Exhibit C of that Legal Lot Line Adjustment Deed as Reception Number in the Lane County Oregon Official Records lying northerly of the following (Declaration)1 of 3 recorded on described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles, from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 28 3D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29"West,332.22 feet,more or less,to a point on the southeasterly right- of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28T0"West,76.93 feet,more or less, to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32#25'42"with a 247.30 foot chord bearing South 21c06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89e54'59"East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point; THENCE at right angles to the last course North 89°54'59"East,80.86 feet to a point;THENCE North ir49'08"West,136.91 feet to a point;THENCE North 10°08'18"West,106.32 feet to a point;THENCE North 05e03'49"West,45.88 feet to a point;THENCE North 12e07'26"West,9.44 feet to a point;THENCE North 51°21'53"West,8.94 feet to a point;THENCE North 6r50'13"West,1.44 feet, REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY OREGON NOVEMBER 30,2007 RENEE CLOUGH 69162LS I RENEWAL DATE:12/31/21 Page 10 of 11{00017299:1} Exhibit B, Page 20 of 42 Attachment 1, Page 22 of 44 more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of BEGINNING;THENCE North 61°5QT3"West.8.28 feet to a point:THENCE North 70°56'43"West.22.63 feet to a point:THENCE North 84°03'35"West.25.74 feet to a point:THENCE North 88°50T6"West.124.52 feet to a point:THENCE North 83T8'54"West.95.31 feet,more or less,to a point on the aforesaid southerly right-of-wav margin of Nugget Way,said point being the POINT of TERMINATION. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 11 of 11{00017299:1} Exhibit B, Page 21 of 42 Attachment 1, Page 23 of 44 After recording return to: Branch Engineering 310 5,h St Springfield OR 97477 No Change to Tax Statements GRANTEE/GRANTOR:Wildish Industrial Dev.Corp.,PO Box 40310,Eugene OR 97404 GRANTEE/GRANTOR:City of Springfield,225 5th St,Springfield OR 97477 LEGAL LOT LINE ADJUSTMENT DEED (DECLARATION) 3 of 3 This Legal Lot Line Adjustment Deed and Declaration is made between Wildish Industrial Dev.Corp.,owner of the real property described in Exhibit D of that Legal Lot Line Adjustment Deed (Declaration)1 of 3 recorded on as Reception Number 2020- Records,herein referred to as Tax Lot 700,and City of Springfield,a municipal corporation of the State of Oregon,owner of the real property described in Exhibit D of that Legal Lot Line Adjustment Deed (Declaration)2 of 3 recorded on ,2020 as Reception Number 2020- Official Records,herein referred to as Tax Lot 1200. The purpose of this Deed is to adjust the property boundary line between a legal lot owned by Wildish Industrial Dev.Corp.and a legal lot owned by City of Springfield and to agree on a revised line separating the legal lots to comply with the City of Springfield Land Use Regulations and approved on ,and the provisions of Oregon Revised Statutes 92.190(4)as acknowledged hereon.No additional legal lots,parcels,lots or tracts will be created from this Legal Lot Line Adjustment.This Deed does not extinguish,combine or vacate any "lawfully established unit of land"as defined in ORS 92.017. The legal description of Tax Lot 700 prior to this adjustment is contained in Exhibit A, attached hereto and made a part hereof. The legal description of Tax Lot 1200 prior to this adjustment is contained in Exhibit B,attached hereto and made a part hereof. Whereas:the line being adjusted herein is the entire easterly boundary of said Tax Lot 700. .,2020 in the Lane County Oregon Official in the Lane County Oregon .,2020 as Journal Number Whereas:Wildish Dev.Corp.and City of Springfield do hereby,grant,convey and execute a transfer of property through means of an approved Property Line Adjustment and this deed the area between the existing common boundary line and the newly adjusted boundary line. {00017300:1} Page 1 of 8 Exhibit B, Page 22 of 42 Attachment 1, Page 24 of 44 The true consideration for this conveyance has been previously agreed upon between the two entities,the receipt of which is hereby acknowledged. Therefore,for purposes of accomplishing this Legal Lot Line Adjustment the parties hereby state that: The legal description of Tax Lot 700 after this adjustment is contained in Exhibit C, attached hereto and made a part hereof and The legal description of Tax Lot 1200 after this adjustment is contained in Exhibit D, attached hereto and made a part hereof. That portion of the legal description that depicts the new adjusted line between Tax Lot 700 and Tax Lot 1200 is underlined in Exhibits "C"and "D"attached hereto. Disclosure required by ORS 93.040(1) BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424, OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17,CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010.THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS.BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL,AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL,TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES,AS DEFINED IN ORS 30.930,AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS,IF ANY,UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424,OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17, CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010. Page 2 of 13{00017300:1} Exhibit B, Page 23 of 42 Attachment 1, Page 25 of 44 Dated this day of ,2020 Steve Wildish,Vice President Wildish Industrial Development Corporation STATE OF OREGON ) )ss County of Lane ) .,2020 personally appeared the above-named Steve Wildish as Vice President of Wildish Industrial Development Corporation and acknowledged the foregoing to be his voluntary act and deed. On Notary Public for the State of Oregon My commission expires: Nancy Newton,City Manager City of Springfield,a municipal corporation of the State of Oregon STATE OF OREGON ) )ss County of Lane ) .,2020 personally appeared the above-named Nancy Newton as City Manager of City of Springfield,a municipal corporation of the State of Oregon and acknowledged the foregoing to be her voluntary act and deed. On Notary Public for the State of Oregon My commission expires: Page 3 of 1 3{00017300:1} Exhibit B, Page 24 of 42 Attachment 1, Page 26 of 44 EXHIBIT A Tax Lot 700 Before Adjustment This legal description is copied as a reference from real property described in Exhibit D of that Legal Lot Line Adjustment Deed (Declaration)1 of 3 recorded on ,2020 as Reception Number 2020-. Official Records and is not intended to replace said conveyance description. Being a portion of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records,said portion being more particularly described as follows: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 2 8 3D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89057'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03*39'34" East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way; THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West, 76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records,said point being the POINT of BEGINNING;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32*2 5'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59"East,268.47 feet to a point;THENCE at right angles to the last course North 00'05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89*54'59"East,45.58 feet,more or less,to a point on the aforesaid westerly right-of-way margin;THENCE along said right-of-way margin South 04*54'31"East,165.52 feet,more or less,to the southeast corner of the aforesaid lands described in Exhibit C;THENCE along the southerly boundary of said lands described in Exhibit C North 89*3 7'38"West,359.49 feet,more or less to the southeast corner of said lands described in Exhibit C;THENCE,along the in the Lane County Oregon Page 4 of 13{00017300:1} Exhibit B, Page 25 of 42 Attachment 1, Page 27 of 44 westerly boundary of said lands described in Exhibits C and D North 04°53'53"West, 192.96 feet,more or less,to a point of curvature;THENCE continuing along said westerly boundary 213.72 feet along a tangent 398.83 foot radius curve through a delta angle of 30°42T1"with a 211.17 foot chord bearing North 20T4'59"West,more or less, to the northwest corner of said lands described in Exhibit D,said point also being on the aforesaid southeasterly right-of-way margin of Newman Street;THENCE along said right-of-way margin North 37°28T0"East,45.78 feet,more or less,RETURNING to the POINT of BEGINNING. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. {00017300:1}Page 5 of 13 Exhibit B, Page 26 of 42 Attachment 1, Page 28 of 44 EXHIBIT B Tax Lot 1200 Before Adjustment This legal description is copied as a reference from real property described in Exhibit D of that Legal Lot Line Adjustment Deed (Declaration)2 of 3 recorded on ,2020 as Reception Number 2020-.in the Lane County Oregon Official Records and is not intended to replace said conveyance description. All those lands conveyed in that Bargain and Sale Deed from the State of Oregon to the City of Springfield recorded on February 29,2016 as Reception Number 2016-009565 in the Lane County Oregon Official Records EXCEPT all those lands lying westerly of the following described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31" East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29"West, 332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37o28'10"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59" East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,45.58 feet,more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of BEGINNING; THENCE North 89°54'59"East.35.28 feet to a point:THENCE North ir49'08" West.136.91 feet to a point:THENCE North 10e08T8"West.106.32 feet to a Page 6 of 13{00017300:1} Exhibit B, Page 27 of 42 Attachment 1, Page 29 of 44 point:THENCE North Q5m03'49n West.45.88 feet to a point:THENCE North 12°07'26"West.9.44 feet to a point:THENCE North 51'21'53"West.8.94 feet to a point:THENCE North 61°50'13"West.1.44 feet,more or less,to a point on the aforesaid westerly right-of-wav margin,said point being the POINT of TERMINATION. ALSO all those lands described in Exhibit C of that Legal Lot line Adjustment Deed (Declaration)1 of 3 recorded on in the Lane County Oregon Official Records lying northerly of the following as Reception Number described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31" East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89<>57'29"West, 332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59" East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,80.86 feet to a point;THENCE North lle49'08"West, 136.91 feet to a point;THENCE North 10o08'18"West,106.32 feet to a point; THENCE North 05°03'49"West,45.88 feet to a point;THENCE North 12°07'26" West,9.44 feet to a point;THENCE North 51°21'53"West,8.94 feet to a point; THENCE North 61°50T3"West,1.44 feet,more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of Page 7 of 13{00017300:1} Exhibit B, Page 28 of 42 Attachment 1, Page 30 of 44 BEGINNING;THENCE North 6r50T3"West.8.28 feet to a point:THENCE North 70°56'43"West.22.63 feet to a point:THENCE North 84°03,35"West.25.74 feet to a point:THENCE North 88°50'16"West.124.52 feet to a point:THENCE North 83T8'54"West.95.31 feet,more or less,to a point on the aforesaid southerly right-of-wav margin of Nugget Wav.said point being the POINT of TERMINATION. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 8 of 13{00017300:1} Exhibit B, Page 29 of 42 Attachment 1, Page 31 of 44 EXHIBIT C Tax Lot 700 After Adjustment Being a portion of those lands described in Exhibits C and*D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001 012395 in the Lane County Oregon Official Records and those lands conveyed in that Bargain and Sale Deed recorded on February 29,2016 as Reception Number 2016 009565 in the Lane County Oregon Official Records,said portion being more particularly described as follows: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29" West,332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39'34" East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way; THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West, 76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records,said point being the POINT of BEGINNING;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89°54'59"East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,80.86 feet,to a point THENCE along a line lying parallel to and easterly of said right-of-wav margin South 04°54'31"East.165.08 feet,more or less,to a point lying on the easterly extension of the southerly boundary of the aforesaid lands described in Exhibit C:THENCE along the southerly boundary of said lands described in REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY OREGON NOVEMBER 30,2007 RENEE CLOUGH 69162LS Page 9 of 13{00017300:1} RENEWAL DATE:12/31/21 Exhibit B, Page 30 of 42 Attachment 1, Page 32 of 44 Exhibit C North 89°37,38"West,394.80 feet,more or less to the southeast corner of said lands described in Exhibit C;THENCE,along the westerly boundary of said lands described in Exhibits C and D North 04°53'53"West,192.96 feet,more or less,to a point of curvature;THENCE continuing along said westerly boundary 213.72 feet along a tangent 398.83 foot radius curve through a delta angle of 30°42'H"with a 211.17 foot chord bearing North 20T4'59"West,more or less,to the northwest corner of said lands described in Exhibit D,said point also being on the aforesaid southeasterly right-of-way margin of Newman Street;THENCE along said right-of-way margin North 37°28T0" East,45.78 feet,more or less,RETURNING to the POINT of BEGINNING. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 10 of 13{00017300:1} Exhibit B, Page 31 of 42 Attachment 1, Page 33 of 44 EXHIBIT D Tax Lot 1200 After Adjustment All those lands conveyed in that Bargain and Sale Deed from the State of Oregon to the City of Springfield recorded on February 29,2016 as Reception Number 2016-009565 in the Lane County Oregon Official Records EXCEPT all those lands lying westerly of the following described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31" East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29"West, 332.22 feet,more or less,to a point on the southeasterly right-of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03e39'34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28'10"West,76.93 feet,more or less,to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2001-012395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89054'59" East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point;THENCE at right angles to the last course North 89°54'59"East,45.58 feet,more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of BEGINNING; THENCE North 89'54'59"East,35.28 feet to a point to be known as Point A; THENCE North 11°49'08"West,136.91 feet to a point;THENCE North 10°08'18" West,106.32 feet to a point;THENCE North 05°03'49"West,45.88 feet to a point; THENCE North 12°07'26"West,9.44 feet to a point;THENCE North 51°21'53" West,8.94 feet to a point;THENCE North 61°50T3"West,1.44 feet,more or less, Page 11 of 13{00017300:1} Exhibit B, Page 32 of 42 Attachment 1, Page 34 of 44 to a point on the aforesaid westerly right-of-way margin,said point being the POINT of TERMINATION. FURTHER EXCEPTING all those lands lying westerly of the following described line: BEGINNING at the aforedescribed Point A;THENCE along a line lying parallel to and easterly of said right-of-wav margin South 04°54'31"East.165.08 feet,more or less,to a point lving on the easterly extension of the southerly boundary of the lands described in Exhibit C of that Declaration of Property Line Adjustment recorded on March 7.2001 as Reception Number 2 00 1-0 12395 in the Lane County Oregon Official Records,said point being the POINT of TERMINATION. The southerly boundary of this exception to be an easterly extension of southerly boundary of the last said lands described in Exhibit C of Reception Number 2001-012395. ALSO all those lands described in Exhibit C of that Property Line Adjustment Deed 1 of in the3recordedonasReceptionNumber Lane County Oregon Official Records lying northerly of the following described line: COMMENCING at the 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in the Lane County Oregon Plat Records,said point being on the westerly right-of-way margin of McVay Highway and 50.0 feet westerly,when measured at right angles,from the "L"centerline of McVay Highway as described in that Warranty Deed to the State of Oregon by and through its State Highway Commission recorded on March 9,1966 on Reel 283D as Instrument No.39389 in the Lane County Oregon Official Records;THENCE along the said westerly right-of-way margin of McVay Highway South 04°54'31"East,315.20 feet to a point on the southerly right-of-way margin of Nugget Way as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southerly right-of-way margin South 89°57'29"West,332.22 feet,more or less,to a point on the southeasterly right- of-way margin of Newman Street as said right-of-way is dedicated in the aforesaid plat of Wildish Industrial Tracts;THENCE along said southeasterly right-of-way margin South 03°39,34"East,3.06 feet,more or less,to an angle point in said southeasterly right-of-way;THENCE continuing along said southeasterly right-of-way margin South 37°28T0"West,76.93 feet,more or less, to a point on a line lying parallel to and 44.00 feet northeasterly,by perpendicular measurement,of the westerly boundaries of those lands described in Exhibits C and D of that Declaration of Property Line Adjustment recorded on March 7,2001 as Reception Number 2 00 1-0 12395 in the Lane County Oregon Official Records;THENCE along said parallel line 250.63 feet,more or less,on a non-tangent 442.83 foot radius curve to the right through a delta angle of 32°25'42"with a 247.30 foot chord bearing South 21°06'44"East to a point of REGISTERED PROFESSIONAL LAND SURVEYOR PRELIMINARY OREGON NOVEMBER 30,2007 RENEE CLOUGH 69162LS I RENEWAL DATE:12/31/21 Page 12 of 13{00017300:1} Exhibit B, Page 33 of 42 Attachment 1, Page 35 of 44 tangency;THENCE continuing along said parallel line South 04°53'53"East,45.27 feet to a point;THENCE North 89*54'59"East,268.47 feet to a point;THENCE at right angles to the last course North 00°05'01"West,12.00 feet to a point; THENCE at right angles to the last course North 89°54'59"East,80.86 feet to a point;THENCE North llo49'08"West,136.91 feet to a point;THENCE North 10°08'18"West,106.32 feet to a point;THENCE North 05°03'49"West,45.88 feet to a point;THENCE North 12°07'26"West,9.44 feet to a point;THENCE North 51°21'53"West,8.94 feet to a point;THENCE North 61c50'13"West,1.44 feet, more or less,to a point on the aforesaid westerly right-of-way margin,said point being the POINT of BEGINNING;THENCE North 61'50'13"West,8.28 feet to a point;THENCE North 70°56'43"West,22.63 feet to a point;THENCE North 84°03'35"West,25.74 feet to a point;THENCE North 88°50'16"West,124.52 feet to a point;THENCE North 83"18'54"West,95.31 feet,more or less,to a point on the aforesaid southerly right-of-way margin of Nugget Way,said point being the POINT of TERMINATION. The bearings and distances in this legal description are based on a Property Line Adjustment Survey which is to be filed. Page 13 of 13{00017300:1} Exhibit B, Page 34 of 42 Attachment 1, Page 36 of 44 PURCHASE AND SALE AGREEMENT August 2X).2020DATED: PARTIES: Owner of Real Property located at Map number 18-03-03-40,Tax Lot 1200,as more particularly described and set forth in Exhibit "A"attached hereto and incorporated herein by reference. City of Springfield,A Municipal Corporation of the State of Oregon ("City") 225 Fifth Street Springfield,Oregon 97477 Owner of the Real Property located at 4990 a n d 5 0 0 0 Franklin Blvd,Map number 18-03-03-14,Tax Lots 500 and 700,as more particularly as more particularly described and set forth in Exhibit "B"attached hereto and incorporated herein by reference. Wildish Industrial Development Corporation ("Wildish") 3600 Wildish Ln PO Box 40310 Eugene OR 97404 NOTE:If the term "Parties"is used,ail Parties have the responsibility for complying with the terms and conditions.Otherwise,responsibilities and obligations will be designated and allocated by the.use of the designations "City"and "Wildish."Where the term "Owner"is used,that term corresponds to the party designation listed above.Where the term "Purchaser"is used,that term corresponds to Wildish in regard to the property for which City is the Owner,and to the City in regard to the property for which Wildish is the Owner. RECITALS: WHEREAS,Wildish was granted Tentative Site Approval on June 15,2020 for development of the real property more particularly described and set forth in Exhibit B as a new office and regional employment headquarters facility (Case No.811-20-000093-TYP2); WHEREAS,the tentative site plan approval includes a portion of the real property more particularly described and set forth in Exhibit A,consisting of approximately 11,800 square feet and as generally depicted on Exhibit C ("the McVay Highway property"); WHEREAS,Wildish seeks to acquire the McVay Highway property from the City for the purpose of the development approved in Case No.811-20-000093-TYP2,and a binding agreement for the transfer of this property is required by Condition 9 in the tentative site plan approval;. Agreement for the Exchange of Real Properties Page 1 {00016811:4) Exhibit B, Page 35 of 42 Attachment 1, Page 37 of 44 AGREEEMENT: 1.the McVav Highway Property. 1.1 City agrees to convey,sell,assign,transfer and quitclaim to Wildish a portion of the real property more particularly described in Exhibit A,consisting of approximately 11,800 square feet as generally depicted on Exhibit C,for the sum of $9,856,payable in full in cash at Closing (defined below). 1.2 The conveyance of the McVay Highway Property by the City to Wildish is contingent upon Wildish conveying the Nugget Way Property to the City as described in Paragraph 2. 1.5 The closing of the transaction between City and Wildish regarding the McVay Highway Property is subject to the conditions and contingencies set forth in Paragraphs 3 through 23 of this Agreement. 2 The Nugget Way Property. Wildish agrees to convey,sell,assign,transfer and quitclaim to the City a portion of the real property more particularly described in Exhibit B,consisting of approximately 3,000 square feet as generally depicted on Exhibit C. The conveyance of the Nugget Way Property by Wildish to the City is contingent upon the City conveying the McVay Highway Property to Wildish as described in Paragraph 1. The closing of the transaction between the City and Wildish regarding the Nugget Way Property is subject to conditions and contingencies set forth in Paragraphs 3 through 23. 2.1 2.2 2.3 3.Conditions to Closing. The parties'obligation to close this transaction is subject to the satisfaction of each of the following conditions: 3.1.1 Approval by the Springfield City Council for the disposition of the McVay Highway Property as surplus property. 3.1.2 Wildish will prepare or cause to be prepared the metes and bounds legal descriptions for the McVay Highway Property and the Nugget Way Property prior to closing.The final legal description attached to each Quitclaim deed described in Paragraph 3.1.5 will be subject to the good faith mutual agreement of the Parties. 3.1.3 Wildish and the City will jointly apply for approval of the property line adjustment needed to convey the McVay Highway Property to Wildish. Wildish will be responsible for obtaining all necessary surveys with the City's cooperation.Wildish will pay all relevant permit fees for the property line adjustment. 3.1 Agreement for the Exchange of Real Properties Page 3 <00016811:4} Exhibit B, Page 36 of 42 Attachment 1, Page 38 of 44 8.1.2 A duly executed affidavit certifying that Owner is not a foreign person,trust, partnership,or corporation in compliance with the requirements of IRC §1445(b); 8.1.3 Original counterparts or legible photocopies of all documents,feasibility studies,surveys,engineering reports,and other items of a similar nature in the possession of each party that relate to the property being conveyed by that party; 8.1.4 Such documents as the Title Company may require to evidence the authority of each party to consummate this transaction;and 8.1.5 Such other documents and funds,including (without limitation)escrow instructions,that are required of each party to close the sale in accordance with this Agreement. Ciosino Costs:Prorated.City and Wildish shall each pay one-half of the escrow fees charged by Evergreen Land Title Company.Real property taxes for the tax year in which the transaction is closed shall be prorated as of the Closing Date. 9. 10-Personal Property.There is no personal property sold. 11.Leoal Relationships. 11-1 Relationship of Parties.This Agreement creates only the relationship of Owner and Purchaser,respective to each Property,and no joint venture,partnership, or other joint undertaking is intended hereby.No party hereto will have any rights to make any representations or incur any obligations on behalf of the another.No parties have authorized any agent to make any representations, admit any liability,or undertake any obligation on its behalf.No parties are executing this Agreement on behalf of an undisclosed principal. 11.2 No Third-Partv Beneficiaries.No additional parties are intended to be benefited or afforded any legal rights under or by virtue of this Agreement. 11.3 Joint and Several Liability.If any party comprises more than one person or entity,the obligations of each person or entity comprising such party under this Agreement will be joint and several. 11.4 Indemnified Parties.Any indemnification contained in this Agreement for the benefit of a party will extend to the party's members,directors,shareholders, officers,employees,and agents. 11.5 Assignment.City,SUB and SEDA each shall not assign this Agreement or their rights under this agreement without all Parties'prior written consent.Such consent may be withheld based upon each parties'reasonable discretion. Consent for assignments between SEDA and City is hereby provided by SUB. Attorney Fees.In the event a suit,action,arbitration,or other proceeding of any nature whatsoever,including without limitation any proceeding under the U.S. Bankruptcy Code,is instituted,or the services of an attorney are retained,to 12. Agreement for the Exchange of Real Properties Page 5 {00016811:4} Exhibit B, Page 37 of 42 Attachment 1, Page 39 of 44 PERSON OR BUSINESS TO PROVIDE LABOR,MATERIAL,EQUIPMENT OR SERVICES TO THE PROPERTY AND HAS NOT PAID THE PERSONS OR BUSINESS IN FULL. Notices.Unless otherwise specified,any notice required or permitted in,or related to,this Agreement must be in writing and signed by the party to be bound.Any notice will be deemed delivered (i)when personally delivered or delivered by facsimile transmission (with electronic,confirmation of delivery},or (ii)on the day following delivery of the notice by reputable overnight courier,or (Hi)three (3)days after mailing certified mail,postage prepaid,to the address of the other party shown in this Agreement,unless that day is a Saturday,Sunday,or legal holiday,in which event it will be deemed delivered on the next following business day.If the deadline under this Agreement for delivery of a notice or payment is a Saturday, Sunday,or legal holiday,such last day will be deemed extended to the next following business day.Notice may be given by email transmission to the email address set forth in this Agreement or as such other email address as one party may indicate by written notice to the other party and shall be effective if and when the addressee acknowledges by return email that the addressee has received the email notice.Notices must be delivered,mailed,or sent by email to the following addresses: 15. Courtney Griesel,Economic Development Manager City of Springfield 225 Fifth Street Springfield,OR 97477 Email:cqriesel@sprinqfieid-or.qov City: Wildish:Steven Wildish,Vice President Wildish Land Co 3600 Wildish Ln PO Box 40310 Eugene OR,97404 steve@wildish.com 16.Warranties and Representations of Owners Warranties.Each Owner acknowledges that the warranties and representations of Owners contained in this Agreement,including the warranties and representations contained in this section (the "Warranties"),are material inducements to the respective Purchaser to enter into this Agreement.All Warranties,and the respective Purchaser's right to assert a breach of them, shall survive for one year after Closing.If,before Closing,Purchaser discovers or is advised that any of the Warranties was untrue when made,then Purchaser will have the option to either (1)terminate this Agreement,without waiving any cause of action that Purchaser may be entitled to assert against the respective 16.1 Agreement for the Exchange of Real Properties Page 7 {00016811:4} Exhibit B, Page 38 of 42 Attachment 1, Page 40 of 44 16.1.6 Authority.No consents,documents,or approvals that have not been obtained are necessary to the effectiveness of the grant of the Option by Owner. 16.1.7 Contracts and Leases.Owner has disclosed to Purchaser all existing lease agreements,maintenance contracts,service agreements,or other contracts of any nature that pertain to,cover,or affect the properties or any part of the properties.There are no other lease agreements,maintenance contracts,service agreements,or other contracts of any nature that pertain to,cover,or affect the Property or any part of it. 16.1.8 As used herein,the phrase "to the knowledge of Owner"or any variation of that phrase refers to matters within the actual knowledge of Owner and do not include constructive or imputed notice or knowledge;and the use of that phrase does not imply that Owner has undertaken any special inquiry or investigation with respect to the representation modified by the phrase, unless circumstances within the actual knowledge of Owner would warrant a reasonable person to undertake further inquiry when presented with similar circumstances. AS IS.Except for the representations made by the Parties in this Agreement, City is accepting the Nugget Way Property and Wildish is accepting the McVay Highway Property AS IS,WHERE IS,AND WITH ALL FAULTS and,except as specifically stated herein,without any representation or warranties of any kind whatsoever,express or implied,by the Owner. 16.2 16.3 Changed Conditions.If Owner discovers that one or more of the Warranties or one of the conditions referred to in the Warranties has changed after this Agreement is executed,through no fault of Owner,Owner will immediately inform Purchaser,in writing,of that discovery.If the changed condition or Warranty cannot be cured within 10 days of the date Owner discovers the change,then Purchaser may terminate this Agreement by giving written notice of termination to Owner within 15 days after receiving the notice from Owner.If the changed condition or Warranty can be corrected within 10 days after discovery by Owner,Purchaser will not have the right to terminate this Agreement under this section and Owner will correct the changed condition or Warranty within 10 days of the discovery.If Purchaser does not terminate this Agreement and the changed condition or Warranty can be corrected and is not corrected by the Closing Date,then Purchaser will have the right to compel specific performance by the Owner.A change caused by Owner is deemed to be a breach of this Agreement by Owner if the change materially and adversely affects the Property or Purchaser's rights. Brokeraae/Real Estate Commission.Neither party has employed the services of a realtor,broker or real estate salesperson in reaching this Agreement.It is 17. Agreement for the Exchange of Real Properties Page 9 {00016811:4} Exhibit B, Page 39 of 42 Attachment 1, Page 41 of 44 24.Miscellaneous.The facsimile transmission of any signed document including this Agreement,in accordance with Paragraph 15,shall be the same as delivery of an original.At the request of either party,the party delivering a document by facsimile will confirm facsimile transmission by signing and delivering a duplicate original document.This Agreement may be executed in two or more counterparts,each of which shall constitute an original and all of which together shall constitute one a n d the same Agreement.This Agreement contains the entire agreement and understanding of the parties with respect to the subject matter of this Agreement and supersedes a prior and contemporaneous agreements between them with respect thereto.Without limiting the provisions of Section 19 of this Agreement,this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.The person signing this Agreement on behalf of each Purchaser and the person signing this Agreement on behalf of each Owner each represents,covenants and warrants that such person has full right and authority to enter into this Agreement and to bind the party for whom such person signs this Agreement to the terms and provisions of this Agreement.This Agreement shall not be recorded unless the parties otherwise agree. Dated: t CITYWILDISH By Steven Wil&ish Vice President,Wildish Industrial Development Corporation By Nancy Newton Springfield City Manager /- Agreement for the Exchange of Real Properties Page 11 <00016811:4} Exhibit B, Page 40 of 42 Attachment 1, Page 42 of 44 EXHIBIT B Parcel 1 "Tax Map &Lot No.18030314 00500" Beginning at a 5/8"iron rod marking the initial Point of Wildish Industrial Tracts as platted and recorded in Book 56 Page 1 1 of the Lane County Oregon Plat Records,said point being on the westerly margin of McVay Highway and 50.0 feet from when measured at right angles to the "L"centerline of McVay Highway as said centerline is described in a deed to the State of Oregon by and through its State Highway Commission and recorded March 9,1966,Instrument No.39389 of the Lane County Oregon Deed Records;thence along the said westerly margin of McVay Highway South 5°4J.'ir East 315.20 feet to a point marking the intersection of the westerly margin of McVay Highway and the south margin of Nugget Way as said right of way is granted in the said plat of Wildish Industrial Tracts,said point being the True Point of Beginning;thence leaving the westerly margin of McVay Highway and running along the south margin of Nugget Way South 89°i0'49"West 332.20 feet to a point marking the intersection of the south margin of Nugget Way and the easterly margin of Newman Street;thence leaving the south margin of Nugget Way and running along the easterly margin of Newman Street South 4°40'56"East 3.10 feet and South 36°40'44"West 122.66 feet to a point marking the intersection of the easterly margin of Newman Street and the centerline of a private railroad spur line;thence leaving the easterly margin of Newman Street and running along the centerline of the private railroad spur line along the arc of a 398.83 foot radius curve right (the chord of which bears South 24°22'41"East 165.70 feet)a distance of 166.92 feet; thence leaving said centerline and running North 89°36'49"East 362.15 feet to a point on the westerly margin of McVay Highway,said point being 50.0 feet westerly of when measured at right angles to the "t *•rtf lV/fr>\7«j'v TJfirrhwav*Hionro nlrttin H10 ivoctArlv mnram iSf MrVav T4ioluv«iv "Mnrfh I'll" West 255.96 feet to the True Point of Beginning,all in Lane County Oregon. Also Including: Parcel 2 "Tax Map &Lot No.18030314 00700" s Beginning at a 5/8"iron rod marking the Initial Point of Wildish Industrial Tracts as platted and recorded in Book 56,Page 1 1 of the Lane County Oregon Plat Records,said point being on the westerly margin of McVay Highway and 50. 0 feet from when measured at right angles to the "L"centerline of McVay Highway as said centerline is described in a deed to the State of Oregon by and through its State Highway Commission and recorded March 9, 1966,Instrument No.39389 of the Lane County Oregon Deed Records;thence along the said westerly margin of McVay Highway South 504i'U"East 571.16 feet to the True Point of Beginning;thence leaving the westerly margin of McVay Highway and running South 89°36,49"West 362.16 feet to a point on the centerline of a private railroad spur line:thence along the centerline of the private railroad spur line along the arc of a 398.83 foot radius curve right (the chord of which bears South 9°02T9"East 46.61 feet)a distance of 46.64 feet and South 5°4T19"East 192.34 feet; thence leaving the centerline of the private railroad spur line and running North 89°36'49"East 359.41 feet to a point on the westerly margin of McVay Highway,said point being 50.0 feet from when measured at right angles to the "L"centerline of McVay Highway;thence along the westerly margin of McVay Highway North 5°41T 1"West 238.62 feet to the True Point of Beginning all in Lane County Oregon. The Basis of Bearings for these Legal Descriptions is C.S.F.No.36824,on file in the office of the Lane County Surveyor. Agreement for the Exchange of Rea!Properties Page 13 {00016811:4} Exhibit B, Page 41 of 42 Attachment 1, Page 43 of 44 Exhibit D After Recording Return To: Until Requested otherwise, QUITCLAIM -STATUTORY FORM j Grantor,releases and quitclaims to Grantee,the following described real property situated ini Lane County,Oregon,and more particularly described as follows: See Exhibit __attached hereto and incorporated herein by reference. and includes the exchange of real property.The true consideration of this conveyance is $. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON'S RIGHTS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,CHAPTER 424,OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17,CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010.THIS INSTRUMENT DOES NOT ALLOW USE OF THE PROPERTY DESCRIBED IN THIS INSTRUMENT IN VIOLATION OF APPLICABLE LAND USE LAWS AND REGULATIONS.BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL,AS DEFINED IN ORS 92.010 OR 215.010,TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL,TO DETERMINE ANY LIMITS ON LAWSUITS AGAINST FARMING OR FOREST PRACTICES,AS DEFINED IN ORS 30.930,AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS,IF ANY,UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424,OREGON LAWS 2007,SECTIONS 2 TO 9 AND 17,CHAPTER 855,OREGON LAWS 2009,AND SECTIONS 2 TO 7,CHAPTER 8,OREGON LAWS 2010. day ofDATEDthis 20-j : By: Its: STATE OF OREGON,County of Lane )ss. 2020,byThisinstrumentwasacknowledgedbeforemeon ofas Notary Public for Oregon ACCEPTANCE OF DEED BY SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY: Grantee approves and accepts this conveyance this day of ,20. By: Printed Name: Title: Agreement for the Exchange of Real Properties Page 15 {00016811:4} Exhibit B, Page 42 of 42 Attachment 1, Page 44 of 44 11,800 sf from City Owned Taxlot 1200 to Wildish 3,000 sf from Wildish Owned Taxlot 500 to City for Future ROW ATTACHMENT 2, PAGE 1 OF 1 SCOPE OF THE REVIEW The following commentary identifies the level of due diligence performed by the reviewer in determining the completeness, adequacy, relevance, appropriateness, and reasonableness of the work under review. This review is based on a field review of an ODOT Appraisal Form 20 Surplus (Over $20,000) appraisal report that was completed by fee appraisers, Daniel Harms, MAI and Katherine Banz, MAI. It is noted that the appraisers utilized their own narrative format report but met all the minimum requirements of an ODOT Appraisal Report Form 20 Surplus (Over $20,000). In this review, the term ‘Report’ refers to the appraisal report under review. An inspection of the subject property was completed by the appraisers on February 24, 2018, the effective date of appraisal; the Date of Report is March 4, 2019. The appraisal reviewer inspected the subject property and comparable sales on December 14, 2018. A review of the appraisal report was conducted to ascertain if the document conforms to the appropriate appraisal standards and guidelines outlined in ODOT’s Guide to Real Estate Appraisal and Chapter 5 of ODOT’s Right of Way Manual. The appraisal report was specifically reviewed for compliance with the technical requirements of the aforementioned standards as well as for consistency and mathematical correctness. The appraisal reviewer was qualified by education and experience to conduct this appraisal review. The reviewer read the report as identified herein. During the review process, all submitted documents and correspondence were considered in addition to the appraisal report. The accuracy of calculations was confirmed. The adequacy and relevancy of the market data cited has been evaluated for propriety and accuracy of application. The report analyses, opinions, and conclusions have been evaluated for consistency. Independent verification of the fee appraisal data was not conducted, nor did the reviewer seek out other relevant data in the market. APPRAISAL REVIEW COMMENTARY HYPOTHETICAL CONDITION AND EXTRAORDINARY ASSUMPTIONS The appraisers have made the following hypothetical condition: The hypothetical condition has been made that the subject property is salable (despite not being a legal lot of record). Appraisal review noted that there was no prior authorization for invoking this hypothetical condition. ATTACHMENT 3, PAGE 1 OF 8 The appraisers have made the following extraordinary assumption: The values concluded herein are predicated on the extraordinary assumption that the locations of sewer line easements, access points across the subject property segments, and the sizes of the subject property segments, as reported by ODOT, are correct. If this is determined to be false, the value conclusions herein will need to be revisited. PROPERTY DESCRIPTION The subject property is made up of one “tax lot”, identified by the Lane County Assessor’s office on Map #18S03W0340, Tax Lot 1200; the subject property is not a legal lot of record. The appraisers relied on documents provided to them by ODOT which indicate that the subject property is 142,386 square feet, or 3.27 acres plus associated slope easements which contain 14,194 square feet, or 0.326 acres. The property was conveyed for the purpose of a future City of Springfield transportation improvement project. The transfer document indicates that “If said property is no longer used for public transportation related purposes, or if the transportation improvement project does not commence within twenty (20) years of the execution of this Deed then the property shall automatically revert to Grantor.” The transfer document goes on to state that, in the event that the City of Springfield wishes to remove the Right of Reversion, the current value of the Right of Reversion shall be determined by a fair market value appraisal. The City of Springfield desires to remove the Right of Reversion; therefore, the purpose of the appraisal is to determine the fair market value of the Right of Reversion. For purposes of this appraisal, the subject property was divided into segments. On the ODOT Sketch Map, the subject property has been divided into 12 segments [A-K (which includes two “C” segments due to the numbering system utilized when the subject property was originally assembled in the late 1960’s)] which range in size from 1,968 square feet to 33,936 square feet. There are 10 adjacent properties which the appraiser has identified on their map as segments I-X; apportioning the subject property to the adjacent sites based on ownership (multiples of the adjacent sites are owned by the same entity) results in a total of seven lots (“parent parcels”), ranging in size between 2,523 square feet to 41,144 square feet. As stated previously, the slope easements have a combined area of 14,194 square feet. The slope easements are abutting six segments (C, D, E, F, C, portion of G) of the subject property. The appraiser has noted, there are slope easements on four (identified as II, IV, V, and VI on the appraiser’s map) of the consolidated segments. In addition, it was discovered that there are three (identified as V, VII and VII on the appraiser’s map) of the consolidated adjacent properties which are encumbered by a sewer line easement (subject property segments F, C and G). It should be noted that a portion of the subject property fronts Nugget Way which is already ATTACHMENT 3, PAGE 2 OF 8 owned by the City of Springfield; additionally, the appraiser has concluded that this portion of the subject property is encumbered by the Nugget Way right-of-way and has rendered this portion unusable and attributed no value to it. The subject property is presently under the ownership of the City of Springfield subject to the reverter clause in the conveyance documents; it was transferred to the City by ODOT in early 2016. The subject property is a long, somewhat narrow (+/- 50’ wide at the north end and +/- 130’ wide at the south end) remnant parcel located along the McVay Highway/Franklin Blvd. at/near the Nugget Way intersection which is south of the newly constructed Franklin Blvd. Roundabouts. The subject property is located in the Glenwood neighborhood, an unincorporated area within the Springfield Urban Growth Boundary. The subject is less than one mile from downtown Springfield and less than three miles from downtown Eugene. The appraisers noted that the subject has a Eugene mailing address. Apparently, when Springfield took over jurisdiction of Glenwood, the zip codes for the Eugene/Springfield boundaries were not changed. Therefore, the subject still has a Eugene address, despite not being under the jurisdiction of the City of Eugene. ODOT research has revealed that the adjacent properties all have access to the adjacent McVay Highway/Franklin Blvd. over and across the subject property, via Nugget Way, or via an easement through an adjacent property. McVay Highway/Franklin Blvd. is a two-lane, asphalt paved road that is maintained by the City of Springfield. The appraisal has a detailed map showing the access points from each adjacent property to McVay Highway (Franklin Blvd.). It appears that each of the adjacent properties have adequate access if assembled with the subject property. The subject property is located within the City of Springfield’s Glenwood Refinement Plan Area/Glenwood Riverfront Area. The zoning of the subject site is MUE (Mixed Use Employment); this zone is established where office employment, educational uses and light manufacturing employment uses are intended as the primary uses with external impacts less than or equal to office uses. Limited small scale retail and service uses are also permitted if developed as an integral part of the primary employment development to provide commercial services needed by employees in close proximity to their workplace (employment-generating educational uses may be considered primary uses). Warehousing is permitted as a secondary use. The appraisers have concluded that the highest and best use of the subject property as though vacant is assemblage with adjacent/abutting properties. In the present condition, there are existing site improvements located on the subject property. According to the appraisers, the existing site improvements may hold some assemblage value to the adjacent property owners. However, the contributory value of the subject site improvements ATTACHMENT 3, PAGE 3 OF 8 cannot be realized until the date of reversion (2036). Noting the current condition of the subject site improvements, and the length of time to the reversion date (17-18 years throughout which the site improvements will be depreciating further), the site improvements will have fully depreciated and reached the end of their economic lives. Therefore, the subject site improvements do not contribute value to the subject property. It is appraisal review’s opinion that were the property valued correctly, the site improvements could contribute value to the adjacent properties in as much as the respective property owners would, more than likely be willing to pay a slightly higher unit value for the site improvements and land to ensure that another market participant does not purchase their respective site improvements/frontage. The appraisers have opined that the highest and best use of the subject property as improved is assemblage with the adjacent/abutting properties. PROPERTY VALUATION ODOT appraisal requirements for properties similar to the subject property typically require an independent site valuation and an assemblage to the most logical adjacent property/properties (Assemblage Value). The appraiser has utilized the across the fence (ATF) methodology to value the subject property which appears to be the most appropriate valuation technique. In order to value the subject property utilizing the ATF method, the appraiser has employed the sales comparison approach. In their analysis, the appraisers have analyzed seven comparable land sales – three of which were located within the immediate vicinity of the subject and four that were located in nearby Springfield. The subject segments are valued on a price per square foot basis, as is custom for similar property types in the local market. The comparables sold between January 2015 and January 2018; range in size between 15,246 square feet and 1,118,621 square feet; and had unadjusted values between $1.03 and $6.12 per square foot. Adjustments were made to the comparable sales for building demolition (Sale #4) and market adjustments were applied at a rate of 0.75% per month where applicable. After adjustments were made to the comparable properties, a value range from $1.14 to $6.45 per square foot was realized. Subsequently, property characteristic adjustments were made on a qualitative basis by the appraisers. After concluding a per square foot value for the subject property, the appraisers appropriately completed an analysis of the segments which are presently encumbered by the sewer line easement. They attributed 50% of fee value for this encumbrance which appears to be consistent with the market. The appraiser concluded the following based on a thorough analysis of the comparable properties and the subject property. ATTACHMENT 3, PAGE 4 OF 8 The next step in the appraisers’ analysis was to value the slope easements associated with Parent Parcels 1-5. They attributed 25% of fee value for this encumbrance which appears to be consistent with the market. The appraiser concluded the following based on a thorough analysis of the comparable properties and the subject property. Based on the aforementioned information, the subject property Assemblage Value (ATF) is $386,000 ($374,000 + $12,000 = $386,000). It should be noted that the appraisers did not attribute any value to the existing improvements located on the subject property which consist of asphalt parking lot, chain link fencing, public street, gravel drives, asphalt/gravel parking lot and a business sign. The appraisers estimated depreciated replacement cost for the site improvements at $71,031. As stated previously, it is appraisal review’s opinion that were the property valued correctly, the site improvements could contribute value to the adjacent properties in as much as the respective property owners would, more than likely be willing to pay a slightly higher unit value for the site improvements and land to ensure that another market participant does not purchase their respective site improvements/frontage. The next step in the appraisers’ valuation was to apply an “enhancement factor” to the Assemblage Value. It is appraisal review’s opinion that this is not a “typical” methodology for ATF value (rather, appraisal review believes this should be factored into the Sewer Encumbered Size Easement Unit Total (S.F.)Impact Value Value Parent Parcel 1 $5.25 13,022 0%$0.00 $68,366 Parent Parcel 2 $0.00 2,523 0%$0.00 $0 Parent Parcel 3 $5.25 13,025 0%$0.00 $68,381 Parent Parcel 4 $3.50 12,027 50%$1.75 $21,047 Parent Parcel 5 $2.25 41,144 50%$1.13 $46,287 Parent Parcel 6 $3.50 26,709 0%$0.00 $93,482 Parent Parcel 7 $2.25 33,936 0%$0.00 $76,356 142,386 $373,919 Rounded $374,000 Slope Impacted Size Easement Unit Total (S.F.)Impact Value Value Parent Parcel 1 $5.25 1,234 25%$1.31 $1,617 Parent Parcel 2 $0.00 461 25%$0.00 $0 Parent Parcel 3 $5.25 2,586 25%$1.31 $3,388 Parent Parcel 4 $3.50 3,608 25%$0.88 $3,175 Parent Parcel 5 $2.25 6,305 25%$0.56 $3,531 14,194 $11,711 Rounded $12,000 ATTACHMENT 3, PAGE 5 OF 8 unit values previously estimated), it is not a gross error and could be a reasonable method used to achieve the same ATF value as factoring this “enhancement factor” into the unit value. The premise behind this makes sense because the adjacent properties are not required to purchase the subject property segment, so this factor is utilized to entice the adjacent owner to purchase. In addition, this factor takes into account any potentially large discounts for the decreased marketability and utility of the segments and any sell- out period and/or reluctant property owners due to the number of segments that comprise the subject property. Appraisal review believes that calling it an enhancement factor is misstated, as the appraisers’ conclusion of 0.50 is not an “enhancement” but a reduction. Regardless, appraisal review concurs that this a reasonable method to arrive at the fair market value of the assembled property, stated at $193,000 ($386,000 x 0.50 = $193,000). At this point in the appraisal, it is appraisal reviews opinion, the valuation methodology is incorrect. Appraisal review made repeated attempts (email, phone, in-person meeting) to work with the appraiser to better understand their methodology. However, the attempts were unsuccessful and the appraisers and appraisal review came to an impasse. The appraisers valued the property as an independent site taking into consideration the irregular shape, encumbrance of Nugget Way and sewer easement encumbrance; but, failed to take into account that the independent site value is subject to the Right of Reversion. At the end of 20 years if the property is not used for a transportation related use, the property reverts back to ODOT. Further, selling and/or leasing the property is not an option because that is not transportation related use. It is appraisal reviews opinion that these are the heaviest encumbrances that the subject property bears and they aren’t factored into this value. These encumbrances severely restrict the marketability of the subject property (if it can’t be sold there is no market participant to buy the property). However, in order to formulate an economic use, it would be necessary to either a) analyze and research other sales in the market that are severely encumbered (access, shape, topography, easements, etc…) and estimate a discount rate (to be applied to the assemblage value) or b) use the Easement Valuation Matrix and estimate a percentage of fee based on the easements/encumbrances which burden the property because of the specified use and restrictions (to be applied to the assemblage value). As a follow up to the aforementioned Independent Site Value, the appraiser proposed a “Valuation of the Reversionary Estate”. This methodology utilized the Assemblage Value previously estimated; trended it forward for the remaining term left in the original 20 years, added a 2.5% annual increase based on the CPI (this does not represent market value as property values over time do not increase in this manner) and deducted a line item of 5% at the end of the remaining term for expenses based on a hypothetical future sale (there is no future sale of the property, its ownership just reverts back to ODOT if it’s not used for the specified uses outlined ATTACHMENT 3, PAGE 6 OF 8 in the deed transfer document). Then, the appraiser put those figures into a Discounted Cash Flow (DCF) model, estimated a discount rate (8.5%) from which to purportedly conclude the present value of the reversion; their opinion being that this is an indication of the fair market value of the subject’s reversionary estate. It is appraisal review’s opinion that this does not provide an accurate reflection of the fair market value of the Right of Reversion. Appraisal review was very thoughtful in their review of the subject property appraisal with the understanding that different appraisers have different methods of appraising properties; however, those methods have to be reasonable and supportable. That is not the case with this appraisal. For that reason, appraisal review does not believe that fair market value of the Right of Reversion was achieved. Further, it is appraisal review’s recommendation that another appraisal for this file should be procured. It is appraisal reviews opinion that the proper way to analyze the fair market value of the Right of Reversion is to calculate the difference in the value of the property with the encumbrance(s) [Independent Site Value – “As Is” Value discounted commensurate to the encumbrances on the property such as “If said property is no longer used for public transportation related purposes, or if the transportation improvement project does not commence within twenty (20) years of execution of this Agreement, then all right, title and interest shall automatically revert to state” (ODOT) and (given the aforementioned condition) that the subject property can’t be leased or sold. In addition, the site characteristics (not a legal lot of record, narrow shape, etc…) and encumbrances (sewer line easement)] and without the encumbrance(s) [Assemblage Value (ATF method) minus any site characteristic, provided that wasn’t a factor in the unit value of the site]. On August 20, 2019, Appraisal review was tasked with providing an opinion of value as though the property were valued in the correct manner. It is noted that the opinion of value provided by appraisal review is subject to the conditions that the appraisal report (reviewed herein) contains the best possible data and that appraisal review did not obtain, confirm or research the market for other relevant data for use in the valuation of the subject property. To properly value the subject property, the Independent Site Value must be opined. The Independent Site Value is by definition the stand alone value as an independent commodity. The Independent site value is, in layman’s terms, the value of the property as if it were put on the market today with all encumbrances and/or easements. As a starting point for valuing the Right of Reversion, appraisal review has utilized the appraiser’s previously calculated opinion of ATF value of $193,000. To assist appraisers, there is a published Easement Valuation Matrix which can be used as a general guide to assess the effect an easement may have on a total bundle of rights. For purposes of valuing the subject property, the Matrix was utilized; as the only other method of comparison would be to go to the market and research and analyze other sales in the market that ATTACHMENT 3, PAGE 7 OF 8 are severely encumbered (access, shape, topography, easements, etc…) and estimate a discount rate which appraisal review was not asked to do. The Easement Valuation Matrix follows: It is appraisal review’s opinion that the encumbrances and easements on the subject property and as described in the appraisal as well as herein, have an impact of 90% (Comments: Severe impact on surface use, Conveyance of future use Potential Types of Easements: Overhead electric, flowage easements, railroad right-of-way, irrigation canal, exclusive access easements) of the fee value. Therefore, the calculation for the Independent Site Value of the subject property is as follows: Independent Site Value: $193,000 x 90% ($173,700) - $173,700 = $19,300 As stated previously, the value of the Right of Reversion is the difference between the ATF Value and the Independent Site Value which equates to $173,700 ($193,000 - $19,300 = $173,700). Therefore, based on the following information, it is appraisal review’s opinion that the Right of Reversion Value of the subject property, based on the conditions set forth herein, is $173,700. Date of Updated Review and Opinion of Value: August 20, 2019 ATTACHMENT 3, PAGE 8 OF 8 ATTACHMENT 4, PAGE 1 OF 5 ATTACHMENT 4, PAGE 2 OF 5 ATTACHMENT 4, PAGE 3 OF 5 ATTACHMENT 4, PAGE 4 OF 5 ATTACHMENT 4, PAGE 5 OF 5