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commonly known as the Prospective Purchaser Agreement (PPA), provided that the agencies <br />would pay for the ongoing cleanup work and release the City from any civil liability. In <br />exchange, the City agreed to remit to the agencies a total of 80% of the "Net Resale Gains" from <br />the sale of MacGillis lands for redevelopment. (See paragraph P on page 5 of the attached <br />portions of the PPA.). This provision expired on August 5, 2007, ten years after the agreement <br />was executed. <br />The City previously transmitted payments in May 2002, reflecting sales activity through <br />December 31, 2001. The calculations for the City's obligations from January 1, 2002 through <br />August 5, 2007 are summarized on the next page in this packet, with details following. We <br />deducted various customary closing costs (e.g., survey and title) as well as legal costs to <br />negotiate term sheets and development agreements for property sales and easements, and to <br />amend the PPA. The property sales to Ryan Companies for Dalco's expansion (10/12/07) and <br />the post office annex (11/6/07) were excluded because they fell after the ten-year deadline. <br />David W. Black <br />Assistant Community Development Director <br />HAMacGillis Payments ldoe <br />