Agenda - 08-23-2011 - 8a - Laserfiche WebLink

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constructed over their sewer line and the sewer line has problems needing repair, the adjacent neighbors would have the right to tear up the access road or driveway to repair the line. If the Board decides to purchase the property, the County may need to relocate the line at an as yet undetermined cost in order to circumvent this problem. The other major non-easement issue is the public road right of way that extends across the parcel. This is something the title work shows may be yet another issue that could potentially add a significant amount to the cost of the property. FINANCIAL IMPACT: The Agreement purchase price for the property is $610,000. Estimated closing costs, title insurance, and property taxes are estimated at $10,036. There are adequate funds included within the FY2011-16 Manager's Recommended Capital Investment Plan to complete this transaction. At this point, funds for the construction of the Southwest Library have not been allocated to the Capital Project and is for consideration by the BOCC as a future Capital Investment Plan item. After the allocation of reserves, the balance for the site for the Southwest Library will be financed and purchased with installment debt that will be issued during the first quarter of the FY2011-12 fiscal year. Should the BOCC choose not to purchase the property, the County will have expended approximately $30,000 in contract deposits and due diligence costs, as well as considerable staff time in examining this site. Similar investments in dollars and staff time will be needed to examine alternative sites. RECOMMENDATION(S): The Manager recommends that the Board consider the purchase of the parcel located at 210 Hillsborough Road, Carrboro, and, if in agreement that the issues noted above and associated costs are acceptable, authorize the Manager to execute all necessary documents to close the purchase. If the Board finds those issues to be unacceptable, the Board should decline to pursue the purchase unless the current owner either rectifies the associated issues or reduces the purchase price to offset the County's projected financial expenses accordingly. Otherwise, based upon direction by the Board, County staff can pursue other Library site locations.