Minutes - 20050623 - Laserfiche WebLink

Browse Search

Metadata

Thumbnails

Annotations

c. Revised Orange County Capital Funding Policy The Board cansidered a formal adoption of a written capital funding policy that codifies the Board of Commissioners' decision made on May 5, 2005 regarding the implementation of the 60-40 school/county capital funding policy. Commissioner Gordon said that she is very happy that it is stated but this should be cansidered at the capital work session in the fall because they need to think about it. The Board agreed. TABLED d. Contract to Purchase Triangle Sportsplex Property The Board considered approving a contract to acquire the Triangle Sportsplex property, subject to final review by the County Attorney and staff and authorizing the Chair to sign; authorizing the Manager to engage the services of a qualified CPA firm to conduct an audit of the Sportsplex financials for the fiscal year ended May 31, 2005, and executing any appropriate agreements related to such an audit; and authorizing the Manager to proceed in pertinent due diligence activities related to the purchase of the facility, to include negotiating potential development and operations contracts with third parties. Rod Visser introduced this item. Geof Gledhill went through the agreement points: the County would buy the land, access, utilities, etc. The sales price far the property is $6 million and there is a 60-day free look period, which includes authorization for the County to conduct an audit. If after the 60-day period, the County is not happy, it can walk away without obligation. There is a maintenance budget, which will be agreed upon within 20 days of the contract being executed. There is also a repair reserve of $300,000 that would be paid to the County at closing for repairs and replacements. This number was estimated by Corley Redfoot Zack. Geof Gledhill said that one of the important things about this is to keep this property operating until the closing. Everyone is working together with this goal in mind. The advance payments are estimated to be about $60,000. Also, the contract the County now has with the owner of this property will stay in place until the closing and the deal is subject to the LGC approving the borrowing and the expansion zoning approvals. The seller will pay all property taxes for 2005 and also other closing casts associated with the transaction, except far the County's expenses in making sure the property gets through the LGC and zoning approvals. The net effect is that the purchase price is $6 million and the money estimated to offset this is $435,000. The net cost to the County will be $5,565,000. Commissioner Gordon asked about the "as is" sale. Geof Gledhill said that it includes everything, including the items in the exhibit, except for title warranties. Commissioner Gordon asked if the reserve could be used far repairs. Geof Gledhill said that once the closing occurs, if something fails, the County would have to fix it. Until the closing, the reserve is available to be used. The closing is estimated to be November 15t Commissioner Gordon asked if anything else was going to be done to look at the condition of the facility. Rod Visser said that they would have staff to look at developing a project management team and review the Corley Redfoot Zack report in detail. Commissioner Gordan said that she is relying an the staff to make sure that the condition of the facility is as it has been represented to the Board ,and not worse. Commissioner Jacobs acknowledged Whit Morrow, who represents the seller and has been helpful in this and Jeff Thompson, who represents the County. He verified with John Link that the plan is not to operate the building through existing staff. A professional management staff will be brought in to run this. Rod Visser said that the County staff would only run the senior centers. Commissioner Jacobs would like to ask that a planning committee be set up including County Commissioners and senior citizens for the senior center.