Agenda - 08-18-2009 - 6c - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 18, 2009 Action Agenda Item No. (o - C SUBJECT: Divestiture of County Properties DEPARTMENT: Asset Management & PUBLIC HEARING: (Y/N) No Purchasing Services ATTACHMENT(S): Resolution Property Data Sheets Relevant General Statutes INFORMATION CONTACT: Pam Jones (919) 245-2652 PURPOSE: To consider setting minimum bid amounts for properties subject to divestiture. BACKGROUND: In April 2009 the Board approved the following properties for divestiture: • Clerk of Court Annex, 112 N. Churton Street, Hillsborough • Graham Building, 118 N. Churton Street, Hillsborough • Homestead Community Center, Chapel Hill • Highway 49 old ABC store, Cedar Grove Staff was instructed to obtain appraisals whereby a minimum asking price could be established. Appraisals completed by Pickett-Sprouse Realtors reflect the following values for the subject properties: • Clerk of Court Annex, 112 N. Churton Street $450,000 • Graham Building, 118 N. Churton Street $130,000 • Homestead Community Center $275,000 • Highway 49 old ABC store, Cedar Grove $ 5,000 Pickett-Sprouse is a large commercial realty extensive experience with property sales in commented throughout the appraisal that th establish property values. Although the dow drastic in Orange County as in other area comparables upon which to base the appraisal will continue over the next several months to "pristine" buyers to obtain financing. Based on the Board set a minimum asking price at the above. firm with experience in the area as well as Orange County. Pickett-Sprouse staff has e current market is a difficult one in which to nturn in property sales may not have been as s of the country, the fact is there are fewer values. The tightened financing market has and a year or more to make it difficult for all but the assessment of the appraisal, staff recommends stated appraised value for the properties listed