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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: January 22, 2009 <br /> Action Agenc(a <br /> Item No. 1-{-(' <br /> SUBJECT: Exercise of Option to Purchase Gateway Building Unit 200 and Unit 300 <br /> DEPARTMENT: Purchasing PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Pam Jones, 919-245-2652 <br /> Geof Gledhill, 919-732-2196 <br /> PURPOSE: To exercise the Option to Purchase Units 200 and 300 in the Gateway Center as <br /> provided in a lease which commenced on February 19, 2008. <br /> BACKGROUND: In November 2006 the Board approved the downtown Hillsborough county <br /> "campus" project, which includes an office building and library building, to be owned by the <br /> County. The "campus" also includes condominium units (Unit 200 and Unit 300) comprising the <br /> second and third floors of the Gateway Center. The County leased Unit 200 and Unit 300 for <br /> one year plus one day beginning on February 19, 2008. The action requested will authorize the <br /> staff to move forward to close the purchase of the property effective February 20, 2009 at the <br /> purchase price of$5,490,449. <br /> Offices for the Register of Deeds, Tax Assessor/Land Records and the Revenue Department <br /> occupy the space. <br /> FINANCIAL IMPACT: The cost of this property is $5,490,449, as quoted in all previous <br /> abstracts concerning the County campus project. Further, the debt for the County campus <br /> project, of which this is a component, has been included in debt service projections presented to <br /> the Board over the past year. Specific plans for financing this and other upcoming obligations <br /> are addressed in a separate agenda item being brought forward by the Financial Services <br /> Director. <br /> RECOMMENDATION(S): The Manager recommends the Board exercise the Option to <br /> Purchase Units 200 and 300 at the Gateway Center; direct staff and the County Attorney to <br /> develop the necessary documents to move forward with closing the purchase; and authorize the <br /> County Attorney, the Financial Services Director and the Chair to execute documents as may be <br /> needed to effect the closing. <br />