ORD-2012-025 Ordinance Amending the Chapel Hill Joint Planning Transition Area Zoning Atlas

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On 6/4/12, John Roberts <ioroberts(a�co.orange.nc.us>wrote: Commissioner Gordon, The assessed tax value of the deck is $594,473. The $2.9 million is the construction cost of the deck ($5.2 million) less the amount the owners now acknowledge the county has previously contributed to that cost ($2.3 million). In order for the County to lawfully engage in a property transfer some conditions must be met including publication and notice of the values of the properties and the County must receive fair value for the exchange. Exchanging $1 million plus two buildings valued at $500,000 for a $594,000 structure is not fair value. However, such an exchange for a $2.9 million structure would be a fair exchange. The $594,000 figure is based on an income stream valuation. The $2.9 million figure is based on a replacement cost valuation. Both are accurate values for those purposes but only the $2.9 million value can be used in the exchange. 37 years remain on the lease. John L. Roberts Orange County Attorney -----Original Message----- From: Alice Gordon [mailto:gordon.alice(a).gmail.com1 Sent: Monday, June 04, 2012 11:52 AM To: John Roberts; Bernadette Pelissier; Alice Gordon; Barry Jacobs; Earl McKee; Pam Hemminger(External); Steve Yuhasz; Valerie Foushee; Donna Baker; Frank Clifton; Greg Wilder; Gwen Harvey; Michael Talbert Cc: Clarence Grier Subject: Questions/ Comments -Agenda Item 7c- June 5 John and Clarence, I had a couple of questions of clarification on item 7-c regarding the parking deck settlement. The stated value of the deck is given as $2,900,000. What is the assessed valuation of the deck? The reason I ask is that I thought the value was something just under$600,000. Could you explain where the $2.9 million value came from? Also, was the approximately$600 K value what is listed on the tax rolls, or the appraised value, or what? The resolution states that the county leases approximately 200 parking spaces but does not give the terms. How many more years remain on the lease? Thank you. Alice Gordon Commissioner Jacobs said that until tonight he did not know if he was going to vote for this or not. He thinks that the County takes things out of sync in the budget process. He agrees that there might be better uses for this money. He does not agree with committing another$1 million before making the primary budget decisions. He wants to make sure that the County has done everything it can to resolve these differences, so he cannot support this item. VOTE: Ayes, 5; Nays, 2 (Commissioner Gordon and Commissioner Jacobs)