In June, TLL/SSC received a letter of response from the City of Tigard, including:

• That the City has the right to terminate the agreement unilaterally per the 2010 Third Amendment
• The fund as described in the 1998 Agreement was not the responsibility of the city
• That TLL/SSC actually have no "ownership" or "equity interest" in the property despite those words being used in the 1998 Agreement.
• That the city has no obligation to account for these activities. Also, even if they desired to, their accounting system does not allow for it.

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.

June 3, 2013 Letter of Response from CoT