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T <br /> 2 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> MEETING DATE: April 1, 1996 <br /> Action Agenda <br /> Item # \/JX-A <br /> SUBJECT: Lease of Georgia-Pacific facility, Hillsborough <br /> DEPARTMENT: PUBLIC HEARING: Yes X No <br /> Economic Development Comm. BUDGET AMENDMENT NEEDED: Yes_ No X <br /> Purchasing Department <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Ted Abernathy(ext. 2325) <br /> Pam Jones(ext. 2652) <br /> TELEPHONE NUMBERS: <br /> Hillsborough - 732-8181 <br /> Durham - 699-7331 <br /> Mebane - (910) 227-2031 <br /> Chapel Hill - 967-9251/968-4501 <br /> Purpose: For the Board of Commissioners to receive public comment concerning a proposed <br /> lease of the Georgia-Pacific facility on Valley Forge Road in Hillsborough. <br /> Background: This facility is a 100,000 square foot, concrete industrial building, sitting on 12.9 <br /> acres of land at 401 Valley Forge Rd:in Hillsborough(near the intersection of I-85 and new NC <br /> 86). It was constructed in 1972 using bonds issued by an Industrial Development Corporation. <br /> Once these bonds are retired next year, ownership of the building will revert to Orange County. <br /> This should occur on Oct. 1, 1997. <br /> A firm has already contacted Orange County about leasing this facility once it is controlled by the <br /> County. The prospective tenant is Builders Supply&Lumber Co. of Elkwood, VA. This firm is <br /> a subsidiary of Pulte Homes, one of the nation's largest residential builders, and would primarily <br /> make windows, doors, and mouldings at this facility. The lease terms described below have been <br /> proposed; a description of the firm's planned impact on the local economy is also included: <br /> Lease Terms: <br /> * Lease would begin on approx. Oct. 1, 1997, subject to Georgia-Pacific Corp. providing formal <br /> notice of their intent not to renew their current lease agreement. Georgia-Pacific has the right to <br /> renew their existing lease for additional 5-year periods. (They do not have an option to <br /> purchase). However, they intend to vacate the building by January 1997, and it is unlikely <br /> that they will choose to renew the lease. <br /> * 10-year initial lease term, with 2 subsequent 5-year renewal options. <br />