Agenda - 08-16-2005-9b - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 16, 2005 Action Agenda Item No. ~~ SUBJECT: Actions Related to Planned Acquisition of Triangle SportsPlex Property DEPARTMENT: Manager/Attorney/Finance/ Purchasing PUBLIC HEARING: (Y/N) No ATTACHMENT(S): CRZ Design Proposal LGC Financing Timeline Highlighted Financial Review Language from Purchase Contract Blackman & Sloop Draft Engagement Letter INFORMATION CONTACT: Rod Visser, ext 2300 Geof Gledhill, 732-2196 Ken Chavious, ext 2453 Pam Jones, ext 2652 TELEPHONE NUMBERS: Hillsborough 732-8181 Article on Agreed Upon Procedures Chapel Hill 968-4501 LEDAHF Project Management Agreement Durham 688-7331 SportsPlex Acquisition/Expansion Mebane 336-227-2031 Project Cost Table PURPOSE: To review, discuss, approve, and/or provide direction regarding several elements of the Board's decision to acquire the Triangle SportsPlex property. BACKGROUND: During 2004 and 2005, at the direction of the Board of Commissioners, staff and consultants performed due diligence analysis regarding the County's potential interest in acquiring the Triangle SportsPlex property. The County s interests relate not only to recreation opportunities, but also to a proposal to construct the new Central Orange Senior Center in conjunction with an expansion of the SportsPlex. The SportsPlex is an 82,000 square foot facility in the Meadowlands Business Park in Hillsborough that provides a regulation ice rink, three swimming pools, fitness equipment, and other recreation amenities. The County operates a small senior center in rented space on property immediately adjacent to the SportsPlex property. Following reports on the due diligence analysis and negotiations with the current owners of the SportsPlex, the Board, on June 23, 2005, approved a contract to acquire the SportsPlex property. The contract includes a number of contingencies that protect the County's interests through an anticipated closing in late Fall 2005. One of those provisions is a so-called "free look period" of 60 days dtaring which the County may perform additional due diligence review and determine, without sanction, not to consummate the agreement. The 60-day period runs from July 14, 2005, when the contract was executed by the owner's representative, through September 12. As previously discussed with the Board, staff plan to conduct additional due diligence review with help from consultants, where necessary and appropriate, and to report back to the Board with findings prior to the end of the 60-day period.