Opinion ID: 2204996
Heading Depth: 3
Heading Rank: 3

Heading: Yamhill Investment Property

Text: The couple's third significant asset is approximately sixty-five acres of undeveloped land in Yamhill County, Oregon with a stipulated value of $1,459,557. James and Erlinda owned the Yamhill property free and clear at the time of trial. In June 2005 James contracted with Al Nordgren to develop the Yamhill property. The agreement provided that Nordgren would submit a zoning change application to allow for subdivision and development of the property. If the rezoning application is successful, Nordgren will receive fifty percent of the net profit realized from the investment. Nordgren will receive nothing if the rezoning application is not approved within two years of its submission. At trial, James argued that Yamhill should be equitably divided between the parties with the goal of fairly allocat[ing] both the risk and the benefit of ownership of [Yamhill]. The trial court awarded Yamhill solely to James, finding that he had a far better demonstrated ability to develop it.