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the office building, and Gateway Center. The County pays $200 a year, plus $25,000 in <br /> maintenance costs. Regarding the sculpture, John Roberts' recommendation is to remove the <br /> sculpture because it is old cast iron and he has evidence that children have been playing on it. <br /> If it is left there, then the County would need some kind of liability insurance. <br /> John Roberts made reference to Financial Impact and said that the additional costs are <br /> actually $20-25,000 for closing costs and inspections. <br /> ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION AUTHORIZING <br /> EXCHANGE OF PROPERTY <br /> WHEREAS, Eno River Parking Deck, LLC owns a multi-level parking facility ("Parking Deck") <br /> (PIN 9874052667) on Nash and Kollock Street, Hillsborough, North Carolina; and <br /> WHEREAS, Orange County leases approximately 200 parking spaces ("Leased Spaces") in <br /> the Parking Deck; and <br /> WHEREAS, Orange County and Eno River Parking Deck, LLC (the "Parties") are currently <br /> engaged in litigation regarding the Leased Spaces; and <br /> WHEREAS, the Parties have reached a mediated settlement agreement whereby they will <br /> exchange certain properties which shall result in a termination of the Lessor Lessee <br /> relationship and a dismissal of the litigation; and <br /> WHEREAS, the Parking Deck property has a stated value of $2,900,000, recognized as such <br /> for purposes of the negotiated settlement only, and the Orange County-owned property <br /> located at 112 North Churton Street (PIN 9874066435) has an assessed valuation of$450,000 <br /> and the Orange County-owned property located at 118 North Churton Street (PIN <br /> 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 <br /> transfer both of the properties at 112 and 118 North Churton Street plus one million dollars <br /> ($1,000,000) to Eno River Parking Deck, LLC; and <br /> WHEREAS, North Carolina General Statute §160A-271 authorizes the County to exchange <br /> county-owned property upon authorization by resolution of the Board of County <br /> Commissioners of Orange County adopted at a regular meeting after at least ten (10) days' <br /> public notice; and <br /> WHEREAS, the County has given the required public notice, and the Board has considered <br /> the matter at a 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 <br /> carry out the exchange. <br /> This the 5th day of June 2012. <br />