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• Geotechnical and soils study identifying needed load bearing capacity and unsuitable <br />soil probabilities; <br />• Utility availability assessment; <br />• Environmental assessment identifying any existing conditions that may hinder the <br />development of the property; <br />• Cultural & archaeological assessment identifying any historical, cultural or <br />archaeological impacts that may hinder the development of the property; <br />• Off-site traffic engineering analysis <br />• Title research <br />The results of the physical due diligence items (survey, geotech, utility availability, <br />environmental assessment, cultural, archaeological, and off-site traffic engineering analysis) are <br />favorable and support the purchase of the property. The title work is still outstanding and will be <br />reviewed by staff upon completion prior to the end of the examination period. <br />FINANCIAL IMPACT: The Contract purchase price for the property is $610,000. Estimated <br />closing costs, title insurance, and property taxes are estimated at $10,036. There are adequate <br />funds included within the FY2011-16 Manager's Recommended Capital Investment Plan to <br />complete this transaction. At this point, funds for the construction of the Southwest Library <br />have not been allocated to the Capital Project and are being presented to the BOCC as a future <br />Capital Investment Plan item. <br />After the allocation of reserves, the balance for the site for the Southwest Library will be <br />financed and purchased with installment debt that will be issued during the first quarter of the <br />FY2011-12 fiscal year. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the purchase of <br />the parcel located at 210 Hillsborough Road, Carrboro, and authorize the Manager to execute <br />all necessary documents to close the purchase, contingent upon final review ands acceptance <br />of the Title Opinion by the County Attorney. <br />