City Council to consider WEB purchase and sale agreement
Councilors entertain Bunick offer
The offer might have seemed too good to be true, but the city is moving toward a purchase and sale agreement on the West End Building, for exactly what it paid for the property in 2006.
The City Council will open the idea of a purchase and sale agreement with local businessman Nick Bunick to public hearing during Tuesdays meeting.
After a previous offer on the 14-acre property fell through in March, Bunick proposed purchasing it and an additional 1.3-acre parcel for $20 million in cash.
Bunick suggested that not only will the city break even, it will end up saving money in the long run and will not have to relocate any of the facilities currently housed at 4101 Kruse Way.
The offer came across as ambitious and, to some, unclear, due to its multifaceted nature: Bunick has said he intends to use about 30,000 square feet of the 80,000-square-foot building as administrative offices for a child abuse resource organization; as offices for a program to both combat hunger and provide education to children in Southeast Asia; and as the headquarters of a newly founded research group called the Kruseway Cancer Treatment Corporation.
The prolific developer and spiritual author has proven his mettle with local construction projects, and the move toward a purchase and sale agreement would allow the city to finally unload a property that costs it about $1.5 million annually in loan payments and operation expenses.
Bunick plans to tour the facilities on Friday with Michael Nobel, who he has invited to serve as director of the Kruseway Cancer Treatment Corporation.
"I plan to bring Michael to Lake Oswego City Hall in the afternoon of the 30th, introduce him to our mayor, city manager and (development director) Brant Williams, then give Dr. Nobel a tour of the West End Building," Bunick said.
Nobel, a member of the namesake prize family, serves on several charitable and medical boards.