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Abstract - Co. Mgr - Purchase & Sale Agreement – Southwest Library Site, 210 Hillsborough Road
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Abstract - Co. Mgr - Purchase & Sale Agreement – Southwest Library Site, 210 Hillsborough Road
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Last modified
8/24/2011 4:38:07 PM
Creation date
8/24/2011 4:23:29 PM
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BOCC
Date
8/23/2011
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
8a
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Agenda - 08-23-2011 - 8a
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\Board of County Commissioners\BOCC Agendas\2010's\2011\Agenda - 08-23-2011
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2 <br />constructed over their sewer line and -the sewer line has problems needing repair, the adjacent <br />neighbors would have the right to tear up the access road or driveway to repair the line. If the <br />Board decides to purchase the property, the County may need to relocate the line at an as yet <br />undetermined cost in order to circumvent this problem. <br />The -other major non-easement issue is the public road right of way that extends across the <br />parcel. This is something the title work shows may be yet another issue that could potentially <br />add a significant amount to the cost of the property. <br />FINANCIAL IMPACT: The Agreement 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 is for consideration by 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 />Should the BQCC choose not to _purchase the property, the County will- have expended <br />approximately $30,000 in contract deposits and due diligence costs, as well as considerable <br />staff time in examining this site. Similar investments in dollars and staff time will be needed to <br />examine alternative sites. <br />RECOMMENDATION(S): The Manager recommends that the Board consider the purchase of <br />the parcel located at 210 Hillsborough Road, Carrboro, and, if in agreement that- the issues <br />noted above and associated- costs are acceptable, authorize the Manager to execute all <br />necessary documents to close the purchase. <br />If the Board finds those issues to be unacceptable, the Board should decline to pursue the <br />purchase unless- the current owner either rectifies the associated issues or reduces the <br />purchase price to offset the County's projected financial expenses accordingly. <br />Otherwise, based upon direction by the Board, County staff can pursue other Library site <br />locations. <br />
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