2001-416-Minutes for Meeting April 11,2001 Recorded 5/10/2001VOL: CJ2001 PAGE: 416
RECORDED DOCUMENT
STATE OF OREGON
COUNTY OF DESCHUTES
*02001-416 * Vol -Page Printed: 05/15/2001 15:21:33
DO NOT REMOVE THIS CERTIFICATE
(This certificate constitutes a part of the original instrument in accordance with
ORS 205.180(2). Removal of this certificate may invalidate this certificate and affect
the admissibility of the original instrument into evidence in any legal proceeding.)
I hereby certify that the attached instrument was received
and duly recorded in Deschutes County records:
DATE AND TIME:
DOCUMENT TYPE:
May. 10, 2001; 1:16 p.m.
Regular Meeting (CJ)
NUMBER OF PAGES: 3
MARY SUE PENHOLLOW
DESCHUTES COUNTY CLERK
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01
COUNT)' ICILERK Board of Commissioners
1130 N.W. Harriman St., Bend, Oregon 97701-1947
(541) 388-6570 • Fax (541) 388-4752
www.deschutes.org
Tom De Wolf
Dennis R. Luke
EXCERPT OF MINUTES OF ADMINISTRATIVE LIAISON Mike Daly
DESCHUTES COUNTY BOARD OF COMMISSIONERS
WEDNESDAY, APRIL 11, 2001
Chair Tom De Wolf opened the meeting at 1: 30 p. m.
Present were Commissioners Tom De Wolf, Dennis Luke and Mike Daly. Also present were Mike
Maier, County Administrator; Rick Isham, Legal Counsel; Jo Anne Sutherland, City of Redmond
Manager; Jim Bonnarens, Property Management; and Steve Scott, Deschutes County's Real
Estate Broker of Record. No media or citizens attended.
One of the issues addressed at this meeting was the consideration of offers to
purchase the "old fairgrounds" property owned by Deschutes County.
The meeting begins with Steve Scott and Jim Bonnarens presenting three offers to
purchase the "old fairgrounds" property that had been received. Discussion
occurred regarding the various bids, contingencies, and the credentials of each
bidder.
1. COBALT submitted the first bid. Their bid price was $2,200,000, cash at
closing, with $50,000 earnest money. COBALT asked to have 90 days
due diligence free. After the first 90 days, their earnest money would
become non-refundable, and would buy them an additional 90 days. At the
end of 180 days, COBALT would have an option for three 90 -day
extensions at a cost of $15,000 each. The planned mixed use/housing
portions of the property would be tax exempt through the Housing
Authority.
Excerpt of Minutes of Administrative Liaison Wednesday, April 11, 2001
Page 1 of 3 Pages Quality Services Performed with Pride
2. RUSTY ERTLE submitted the second bid. His bid price was $2,022,000,
cash at closing, with $50,000 earnest money. After the first 90 days, his
earnest money is non-refundable, buying him an additional 220 days. At
the end of 310 days, RUSTY ERTLE would have an option for two 90 -day
extensions at a cost of $15,000 each. He proposes planned mixed
use/retail.
3. C -CORP submitted the third bid. The bid price was $1,700,000, cash at
closing, with $50,000 earnest money. After the first 90 days, the earnest
money is non-refundable, buying them an additional 180 days. At the end
of 270 days, C -CORP would have an option for two 90 -day extensions at a
cost of $25,000 each. They propose planned mixed use for all.
The most recent appraisal on this property is $2,022,000. Steve Scott discussed
each proposal and the resume' of each party that submitted a bid. Jo Anne
Sutherland (City of Redmond Manager) was at the meeting to comment on the
issues and concerns of any proposed development.
Commissioner Tom DeWolf made a motion to accept the COBALT offer,
contingent upon ratification of an agreement from Deschutes County to the Motor
Coach Association to stage on the subject property for a period of time in August,
to be outlined in a letter from Deschutes County to COBALT. He also moved to
allow RUSTY ERTLE's offer to remain in a "backup" position in the event that
COBALT does not complete the required terms of the purchase within 180 days of
acceptance. In addition, he also moved to reject the offer from C -CORP.
Commissioner Mike Daly seconded the motions, and all three Commissioners
voted yes.
All offers, letters, acceptance and rejections were signed and Property
Management will have copies on file within the week.
- End of Excerpt -
Excerpt of Minutes of Administrative Liaison Wednesday, April 11, 2001
Page 2 of 3 Pages
Dated this 111h Day of April 2001 for the Deschutes County Board of
Commissioners.
ATTEST:
� '/ $34 - o 11 —1 �
Recording Secretary
Tom eWolf, Ch it
Dr6inis R. Luke, C m t!� ioner
Mic ael M. Daly,mmissioner
Excerpt of Minutes of Administrative Liaison Wednesday, April 11, 2001
Page 3 of 3 Pages