There's a fascinating little real estate scam in progress down in Eugene, involving one of the usual suspects. And the young folk down that way are blowing the whistle on it rather nicely:

Students, alumni, and local taxpayers will be handing out "blank checks" Wednesday, January 12 at the Jaqua Academic Learning Center (13th Ave. & Agate St.) before the University Senate meeting begins at 3:00pm.

The checks will be given to administrators and Senators before entering the meeting to bring attention to the fact that the University has made a deal with a Texas-based developer to lease public land next to the Willamette River for less than 10% of its fair market value. The developer has plans to construct a controversial office building and surface parking lot on the land for the Oregon Research Institute.

Documents obtained by Connecting Eugene, a local group opposed to the development, reveal that the University would receive a one-time payment of $1.46 million from the Trammell Crow Company to lease approximately 4 acres of land for 55 years. A study commissioned by the University in 2004, however, determined that the property could be leased for more than ten times that amount. Also, the university will incur additional costs to build infrastructure for the development, ultimately resulting in a net loss to the university.