In June, TLL/SSC received a letter of response from the City of Tigard, including:
The following is a quote from the letter:
"It is unfortunate that the agreement used terms like "ownership interest" and "equity position." Those terms, looked at in isolation, have created a belief that if the agreement terminates, TLL and SSC should receive their half interest in the value of the property. But the agreement does not work that way."
At this point, TLL/SSC realized that we have a very different interpretation of the 1998 Agreement than the city staff does.