Agenda - 02-09-2010 - 1 - Laserfiche WebLink

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A. 306 Revere Road Building The Board is asked to consider the proposed space allocations as outlined and if in agreement direct the item be placed on an upcoming regular agenda for action. Cost analysis will be provided at that time and reflect any input offered by Commissioners. B. Divestiture Decisions The Board is asked to offer input and direction with regards to moving forward with the process to sell 1914 New Hope Church Road and 129 East King Street. Staff will proceed with the required formal steps based upon Board consensus and at the appropriate time these items will appear on a regular Board agenda for action. C. Hillsborough Commons The Board is asked to provide input as to whether it still considers the purchase of this property by the County to be a primary consideration. A formal decision can wait until sometime in mid-2011, but the ability of the County to finance the purchase of the property could be impacted by other financing decisions the Board may make between now and that time. It is suggested that `regardless' of a decision to actually purchase the property, the Board give staff authorization to attempt to re-open negotiations with the property owner in an effort to address the impacts of local and national economic conditions on commercial real estate values and determine if circumstances allow for further negotiations between the County and property owner. Items to be considered would include but not be limited to: the sales price; the amount and number of months that a portion of the rent payment applies to the purchase price; the inclusion of one acre of land (now paved parking) that was excluded by the lease agreement for the property to be purchased; an extension to the purchase option period by two years from February 2012 to February 2014; and other conditions or terms that may arise during those discussions. Financial Services Director Clarence Grier has been developing a financial analysis of a purchase/lease decision. That information would be used as a basis to re-open negotiations D. Other direction or input that Commissioners may desire to provide staff on these issues that aid in moving these items to a final determination is welcomed. Finally, the County does not want to leave recently vacated buildings empty for too long of a period of time. Vacant buildings easily fall victim to vandalism or other problems creating unknown liabilities.