Conclusion of the various agreements that will lead to Naito Development being able to construct a hotel and office building at the south end of the Nichols Basin while Hood River Urban Renewal acquires about 25,000 square feet of property along the water for resource protection and a “passive park” is getting close.  The Urban Renewal board approved allowing City Manager Steve Wheeler to execute a purchase and sale agreement once lawyers finish their work.  Mayor Arthur Babitz announced prior to the vote the purchase price for the property is $395,000, to be paid through property taxes generated by the hotel as they come in.  There will be no interest and no pre-payment penalties.  If the hotel is not developed within 10 years, the property will be decreed to have been paid off.  Babitz added the property will become a “passive park” with no recreational features, to be preserved as such through easement agreements.  The deal is part of an agreement reached by the City, Urban Renewal, Friends of the Hood River Waterfront, and Naito Development to bring an end to land use appeals of the project.