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John Link said there were two items far the Board's consideration - a resolution supporting <br />the acquisition of the property at 129 E. King St. in Hillsborough and a public hearing on the financing of <br />the property. <br />Director of Central Stores and Purchasing Pam Jones said that a purchase price of $346,000 <br />has been agreed upon at owner financing of 6°~ for 59 months. The property consists of 6,000 square <br />feet, with 2,000 square feet of warehouse space. The property would house the Department of <br />Purchasing and Central Services, which is presently located in the Sprint Telephone offices. Sprint <br />Telephone Company opted in May of this year not to renew the lease to the County. The funds for the <br />debt service costs were included in the CIP. <br />Geoffrey Gledhill said that the plan is for the County to pay for this properly over 59 months. <br />The interest rate is 6°~. The documents include a promissory Hate that the County will execute which <br />promises to pay the seller the money over the 59-month period. The documents also include a security <br />interest in the property that will be transferred from the County back to the seller that will secure the <br />payments of the County's obligation. The seller intends to rely on the fact that the interest would be tax <br />free to the seller. Therefore, the County has to commit to not using the building during the period of the <br />financing for anything other than a public purpose. The revised resolution contains authorization to <br />include these covenants in the final financing documents. <br />Commissioner Gordon asked about the environmental assessment. Pam Jones said that the <br />environmental assessment came back clean. The underground storage tank is intact. Part of the offer is <br />that the owner will dispose of the contents of the tank. This is documented on page 14 of the agenda <br />abstract. <br />Commissioner Jacobs asked how much the rent is for the present building. Pam Janes said <br />that the annual rent was $18,392. <br />Commissioner Gordon made reference to the exemption of ourselves from the process of <br />announcing for architectural, engineering, and survey services and asked haw this would work. Geoffrey <br />Gledhill said that the General Statutes allow the County Commissioners to exempt themselves whenever <br />they want. <br />No comments were made by the public. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Jacobs to: <br />1. Receive comments from the public regarding the financing of the property. <br />2. Close the public hearing. <br />3. Approve the attached Resolution authorizing the purchase of the building at 129 East King Street, in <br />which the Department of Purchasing and Central Services will be re-located, for $346,000 with owner <br />financing for 59 months at 6°lo as specified in the attachments to the Resolution. <br />4. Exempt the project from the statute requiring the announcing of all requirements for architectural, <br />engineering, and surveying services and the statutory selection process as provided for in the <br />statutes cited above. <br />RESOLUTION AUTHORIZING ORANGE COUNTY TO PURCHASE ON AN <br />INSTALLMENT PURCHASE BASIS REAL PROPERTY LOCATED AT 129 EAST <br />KING STREET, HILLSBOROUGH, NORTH CAROLINA OWNED BY MARSHALL <br />CATES, JR. AND VIRGINIA LINER CATES; TO EXECUTE AND PERFORM AN <br />OFFER TO PURCHASE AND CONTRACT, AN INSTALLMENT PURCHASE PROMISSORY <br />NOTE AND AN INSTALLMENT PURCHASE DEED OF TRUST; AND TO EXECUTE, <br />DELIVER OR ACKNOWLEDGE ANY OTHER DOCUMENTS NECESSARY <br />TO EFFECT THE ACQUISITION OF REAL PROPERTY <br />WHEREAS, the Board has been presented with an Offer to Purchase and Contract {the "Contract"} to <br />acquire on behalf of Orange county real property located at 129 E. King Street, Hillsborough, North <br />Carolina, owned by Marshall Cates, Jr. and wife, Virginia Liner Cates {the "Seller"}; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County of Orange as <br />follows: <br />