- 6 -
Because the parties stipulated their value, Phases 3, 4, 6, 7,
and 8 are not at issue. See supra note 2. At decedent’s death,
Phase 2 was zoned retail commercial, was 2.48 acres, and had a
rectangular configuration. Phase 5 was zoned retail commercial,
was 11.7 acres, and had an awkward configuration. On the date of
death, there were no deals pending regarding the development or
sale of Phases 2 and 5.
In August 2000, LFLLC entered into negotiations with Target
Corporation (Target) for the purchase of Phase 5. On December 5,
2000, LFLLC filed an application for development of Phase 5 with
the City of Sherwood, which was approved in October 2001.
Because the application was submitted before the CAP ordinance
was enacted, the development of Phase 5 was subject to the
traffic mitigation requirements of Metro.
After approval of the development application, Sherwood’s
mayor encouraged LFLLC to redesign the development of Phase 5.
In 2002, LFLLC proposed an amendment to the Langer PUD and
requested the approval of a new development plan for Phases 2, 3,
and 5, which proposed changing the sizes and configurations of
those phases. The amended PUD and new development plan were
approved on November 12, 2002.
On September 12, 2003, LFLLC and Target signed a Sale and
Purchase Agreement for the purchase by Target of approximately
10.97 acres of Phase 5. On July 8, 2004, LFLLC sold
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