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j`l o�� -ao�2- a2 <br />Resolution 2012 -02T <br />ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION <br />AUTHORIZING EXCHANGE OF PROPERTY <br />WHEREAS, Eno River Parking Deck, LLC owns a multi -level parking facility ( "Parking Deck ") (PIN <br />9874052667) on Nash and Kollock Street, Hillsborough, North Carolina; and <br />WHEREAS, Orange County leases approximately 200 parking spaces ( "Leased Spaces ") in the Parking Deck; <br />and <br />WHEREAS, Orange County and Eno River Parking Deck, LLC (the "Parties ") are currently engaged in <br />litigation regarding the Leased Spaces; and <br />WHEREAS, the Parties have reached a mediated settlement agreement whereby they will exchange certain <br />properties which shall result in a termination of the Lessor Lessee relationship and a dismissal of the litigation; <br />and <br />WHEREAS, the Parking Deck property has a stated value of $2,900,000, recognized as such for purposes of the <br />negotiated settlement only, and the Orange County-owned property located at 112 North Churton Street (PIN <br />9874066435) has an assessed valuation of $450,000 and the Orange County-owned property located at 118 <br />North Churton Street (PIN 9874065497) has an assessed valuation of $130,000; and <br />WHEREAS, the Parties desire to transfer the Parking Deck property to Orange County and to transfer both of <br />the properties at 112 and 118 North Churton Street plus one million dollars ($1,000,000) to Eno River Parking <br />Deck, LLC; and <br />WHEREAS, North Carolina General Statute § 160A -271 authorizes the County to exchange county-owned <br />property upon authorization by resolution of the Board of County Commissioners of Orange County adopted at <br />a regular meeting after at least ten (10) days' public notice; and <br />WHEREAS, the County has given the required public notice, and the Board has considered the matter at a <br />regular meeting. <br />NOW, THEREFORE, BE IT RESOLVED THAT: <br />1. The Exchange of properties described above is authorized. <br />2. The appropriate county officials are directed to execute the instruments necessary to carry out the <br />exchange. <br />This the 5`h day of June 2012. <br />Bernadette Pelissier, Chair <br />Orange County Board of Commissioners <br />Attest: <br />Clerk to the Board Commissioners <br />