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1 <br />ti. <br />y!. <br />tl 9 <br />COUNTY of OPv4NGE <br />Department of Purchasing and Central Services <br />Pamela K, Jones, Director <br />MEMORANDUM <br />TO: BOARD OF COUNTY COMMISSIONERS <br />JOHN LINK, COUNTY MANAGER <br />FROM: PAM JONES, PURCHASING DIRECTOR <br />RE: CHAPEL HILL SENIOR CENTER LEAS <br />DATE: DATE: JUNE 25, 1992 <br />During budget deliberations information or clarification was <br />requested regarding the following items: <br />1. Is the Galleria landlord amenable to assignment <br />of the lease currently held with the County for the Senior <br />Center space? <br />I have spoken to Dr. Vakil -zadeh about the <br />Possibility of a lease assignment. He has indicated that <br />this lease was used in his financing strategy with lenders. <br />Since there is wide disparity between the financial capacity <br />of the County and that of the Friends, assignment of the <br />lease to the Friends could put the Landlord at a disadvantage <br />with his lenders. He does not wish to see the lease assigned <br />and would prefer not to be placed in a position of denying <br />our request for assignment. <br />2. In the event the Galleria lease is assigned to <br />the Friends of the Chapel Hill Senior Center, what additional <br />responsibilities would the Friends assume? <br />If we do pursue assignment, all terms and conditions <br />of the lease with Elliott Investors would become the <br />responsibility of the Friends. Although the County may <br />assign the lease to the Friends, it should be noted that <br />terms of the lease are ultimately still the responsibility of <br />the County if for some reason the Friends did not fulfill <br />their obligation under the assignment. <br />The following terms and conditions represent items which <br />would have budgetary impact on the Friends if the lease were <br />to be assigned: <br />Chapel Hill Senior Center <br />Page 1 <br />P.O. Box 8181 • 132 East King Stmet • Hillsborough, North Carolina 27278 <br />T61010148nss: 919 732 -8181 0 919 967 -4251 - 919 688 -7331 0 919 227 -2031 Fax: 919 644 -3001 <br />