Agenda - 12-13-2005-9c - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 13, 2005 Action Agenda Item No. g-G SUBJECT: Acquisition of Storage Facility DEPARTMENT: Purchasing and Central PUBLIC HEARING: (YIN) No Services ATTACHMENT(S): INFORMATION CONTACT: Pam Jones, 245 -2652 Geof Gledhill, County Attorney, 732- 2196 PURPOSE: To consider approving the acquisition of a facility at 510 Meadowlands Drive, Hillsborough for use as a storage facility and office space. BACKGROUND: The County has long searched for a solution to its on -going need for bulky storage items and for records with long -term archival requirements. Storage for items such as voting tabulators must be kept securely and in climate conditioned space. Recently, the County was presented with an opportunity to purchase a building at 510 Meadowlands Drive in Hillsborough, currently occupied by Tweeter, Inc. The facility contains approximately 11,000 square feet of warehouse space and 11,000 square feet on two- levels of office space. Further, the site contains an area that is prepared and ready to receive approximately 30,000 square feet of future expansion to the existing building. The full complement of parking for the full site build out was completed when the initial building was constructed and includes 66 parking spaces. The owner has agreed to the County's purchase of the building for a sum of $1,700,000 and the County's purchase of non - inventory equipment and furnishings in the building (including fork lift trucks that will be invaluable in using the building for storage) for a sum of $35,000. All but $50,000 of the total $1,735,000 will be owner - financed for a period of 10 -years at an interest rate of 5 %. The Board will need to conduct a public hearing and approve a resolution regarding the acquisition and the financing at its January 24, 2006 meeting. This will provide the documentation needed by the Finance Director for submittal to the Local Government Commission (LGC) for LGC approval of the financing at the LGC's February 7, 2006 meeting. The sale is conditioned upon approval of the LGC.