Agenda - 02-15-2005-9b - Laserfiche WebLink

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Other than consideration of the request to increase the appropriation for due diligence analysis by $10,000, the BOCC need not make any decisions related to the potential SportsPlex acquisition at this February 15 meeting. An acquisition decision will be considered by the Board at a later date, most likely in March 2005, following completion of the due diligence analysis. FINANCIAL IMPACT: If approved by the Board, the County allocation for due diligence analysis would increase from $30,000 to $40,000, As noted during the December 14, 2004 BOCC meeting, unobligated funding is available within the County's 2004-05 appropriation for the SpartsPlex. The County budgeted $400,000 for the SportsPlex for this fiscal year, but at this time is only obligated far payments of $300,000 through the expiration of the existing facilities/services agreement at the end of March 2005, There are no other direct financial impacts associated with this agenda item at this time. The agent for the owner of the SportsPlex has indicated that the owner would be amenable to accepting an offer from the County to purchase the SportsPlex property at a figure somewhere in the vicinity of $6 million, The ongoing analysis of the possible acquisition of the property will examine whether at this price, or at some other figure, it would further the County Commissioners' policy and program priorities to negotiate a detailed agreement to purchase the property from the owner, RECOMMENDATION(S): The Manager recommends that the Board authorize an additional $10,000 for due diligence analysis; receive and discuss the staff update; and provide direction to the Manager and staff on SportsPlex related questions or issues it would like to have staff address by the time the decision to acquire the property or not is placed before the Board for deliberation.