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To: John Roberts <br /> Cc: Bernadette Pelissier; Barry Jacobs; Earl McKee; Pam Hemminger (External); Steve <br /> Yuhasz; Valerie Foushee; Donna Baker; Frank Clifton; Greg Wilder; Gwen Harvey; Michael <br /> Talbert; Clarence Grier <br /> Subject: Re: Questions/ Comments -Agenda Item 7c - June 5 <br /> John, <br /> Thank you very much for this information. <br /> I appreciate knowing that the county has 37 years remaining on the lease for the parking deck <br /> in Hillsborough. <br /> My understanding of the other terms of the lease is that the county has leased approximately <br /> 200 spaces at the cost of$1 per year for each space. Is that correct? What is the exact <br /> number of leased spaces? <br /> Thanks again. <br /> Alice Gordon <br /> On 6/4/12, John Roberts <joroberts(a�co.oranqe.nc.us> wrote: <br /> Commissioner Gordon, <br /> The assessed tax value of the deck is $594,473. The $2.9 million is the construction cost of <br /> the deck ($5.2 million) less the amount the owners now acknowledge the county has <br /> previously contributed to that cost ($2.3 million). <br /> In order for the County to lawfully engage in a property transfer some conditions must be met <br /> including publication and notice of the values of the properties and the County must receive <br /> fair value for the exchange. <br /> Exchanging $1 million plus two buildings valued at $500,000 for a $594,000 structure is not <br /> fair value. However, such an exchange for a $2.9 million structure would be a fair exchange. <br /> The $594,000 figure is based on an income stream valuation. The $2.9 million figure is based <br /> on a replacement cost valuation. Both are accurate values for those purposes but only the <br /> $2.9 million value can be used in the exchange. 37 years remain on the lease. <br /> John L. Roberts <br /> Orange County Attorney <br /> -----Original Message----- <br /> From: Alice Gordon (mailto:qordon.alice(c�qmail.coml <br /> Sent: Monday, June 04, 2012 11:52 AM <br /> To: John Roberts; Bernadette Pelissier; Alice Gordon; Barry Jacobs; <br /> Earl McKee; Pam Hemminger (External); Steve Yuhasz; Valerie Foushee; <br /> Donna Baker; Frank Clifton; Greg Wilder; Gwen Harvey; Michael Talbert <br /> Cc: Clarence Grier <br /> Subject: Questions/ Comments -Agenda Item 7c - June 5 <br /> John and Clarence, <br />