The following terms are used throughout this site and related materials discussing the University’s land acquisition efforts.
Brownfield: An abandoned or underutilized property that is not being redeveloped because of fears that it may be contaminated with hazardous substances.
DEQ: Oregon Department of Environmental Quality. DEQ is the local partner to the EPA in the cleanup of the McCormick and Baxter property.
EPA: Environmental Protection Agency. EPA is the federal partner in the cleanup of the McCormick and Baxter superfund site.
Letter of Intent: A document signifying genuine interest in reaching a final agreement, conditional upon the results of more detailed due diligence and negotiations.
McCormick & Baxter: The owner of the McCormick and Baxter property, a former creosote facility and an EPA Superfund site. The cleanup of this site is already underway and should be completed by 2006.
MPEC: Master Plan Expansion Committee. A special committee of University of Portland regents and administrators formed to help guide the process of negotiations, review and potential purchase of the Triangle Park and McCormick and Baxter properties.
PPA: Prospective Purchaser Agreement. An agreement between DEQ and a prospective purchaser of a known or suspected contaminated site (typically a Brownfield) that limits the purchaser’s liability for cleanup of preexisting contamination, if the redevelopment will present a substantial public benefit.
Purchase and Sale Agreement: The formal written agreement prepared following acceptance of an offer for a real estate transaction. This legal instrument identifies the property, the purchase price, the parties to the contract, the terms of the sale, closing adjustments, contingencies, and other precondition to closing.
Superfund: A federal fund created in 1980 to pay for the investigation and cleanup of the largest and most contaminated sites in the country (i.e. sites on the National Priorities List or NPL). EPA administers the Superfund program.
Triangle Park LLC: The owner of the Triangle Park property. Triangle Park LLC entered into a purchase and sale agreement with the University of Portland for the sale of the Triangle Park property in July 2005.
UPNA: University Park Neighborhood Association. The UPNA represents the neighborhood surrounding the University of Portland and will be the University partner as planning for future University expansion projects moves forward.
