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Option 1: Terms of bid would include a requirement for the buyer to enter into an agreement <br />with NC Preservation Foundation. Terms of the NC Preservation Foundation agreement would <br />require approval of the Foundation for any exterior changes to the building, but would <br />essentially cause the buildings to remain as they stand. Changes to interior portions of the <br />building would be as mutually agreed between the NC Preservation Foundation and the new <br />owner. This would allow greater flexibility of interior modifications, which was previously voiced <br />as a primary concern from potential buyers. The cost of administration of this agreement by the <br />NC Preservation Foundation would remain $7,000 for 112 N. Churton and $3,000 for 118 N. <br />Churton. <br />Option 2: NC Preservation Foundation would purchase the facilities at a negotiated price and <br />would resell the facilities. <br />Option 3: By approval of the attached Resolution, the County would request that the Town of <br />Hillsborough accept a preservation easement that would give the authority to delay demolition <br />indefinitely for the facilities. It is expected the Town would grant authority for the enforcement <br />of the easement to the Hillsborough Historic District Commission. This would effectively fill a <br />gap in the existing regulations by which a property owner could potentially remove the buildings. <br />FINANCIAL IMPACT: No financial impact will be realized until such time proceeds from sale of <br />these properties is realized. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />1) Approve the attached Resolution requesting the Town of Hillsborough accept a <br />preservation easement for properties at 112 and 118 N. Churton Street, which <br />would indefinitely delay the removal of the buildings by future owners; and <br />2) Authorize the County Attorney to work in concert with the Town Attorney to craft the <br />easement; and <br />3) Authorize staff to begin the bidding process for divestiture of these properties, with <br />the established minimum bid limits of $450,000 for 112 N. Churton Street and <br />$130,000 for 118 N. Churton Street, as soon as the Town has accepted the <br />preservation easement. <br />