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e <br /> 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> ACTION AGENDA ITEM ABSTRACT Item No. <br /> Meeting Date: May 14, 1996 <br /> SUBJECT: APPROVE PURCHASE OF 501/503'WEST FRANKLIN <br /> DEPARTMENT: PURCHASING AND Public Hearing: No <br /> CENTRAL SERVICES Budget Amendment Reqd? YES <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> PAM JONES, ext.2650 <br /> Contract to purchase Telephone Number- <br /> Hillsborough 732-8181 <br /> Chapel Hill 967-9251 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To consider approving the contract for purchase of property located at 501/503 West <br /> Franklin Street,Chapel Hill. <br /> BACKGROUND: Pursuant to authorization by the Board,staff has negotiated with the Owners of <br /> 501/503 West Franklin Street to purchase the property. As you recall,this is the property in which the <br /> proposed Skill Development Center is to be located. As a result of negotiation,we have received an <br /> indication that the Owners will accept an offer of $1,100,000 for the property as it stands. The <br /> attached purchase contract is recommended for approval,conditioned by the following items: <br /> • Ability to receive a Zoning Compliance Permit from the Town of Chapel Hill for the proposed <br /> function; <br /> • Favorable results on physical inspection to include: <br /> • Geotechnical/Environmental survey; <br /> • Roof survey; <br /> • Clear title to the property; and <br /> • Approval of financing. Please note that the Resolution authorizing the Finance Director to <br /> apply to the Local Government Commisison for approval of private placement financing and <br /> to establish a public hearing date for the financing proposals is included as an item for <br /> decisionn on this agenda as well. The results of these proposals will be brought forward for <br /> Board consideration at the June 26 meeting. <br /> The contract will be forwarded to the Owners for their signature upon approval and execution by the <br /> Board.Closing is anticipated within 60 days. <br /> RECOMMENDATION: The Manager recommends that the Board approve the purchase contract, in <br /> substantially the form presented, for$1,100,000 for the property located at 501/503 West Franklin;and <br /> authorize the Chair to sign on behalf of the Board. <br />