Agenda - 10-18-2022; 8-h - Inspection Period Extension for the Executed Lease Agreement with Well Dot, Inc.

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2 � 3 .fit oero 4% r c`<-. •2. r 7 At its May 24, 2022 Business meeting, the Orange County Board of County Commissioners held a public hearing and approved a performance-based economic development incentive agreement and a lease agreement between Orange County and Well Dot, Inc. The lease agreement for the properties outlined a 120-day inspection period for the company to conduct due diligence on the site and facilities. That inspection period was set to expire on October 6, 2022. On September 21, 2022, Well Dot, Inc. communicated some potential findings from its initial Phase 1 due diligence that required a Phase 2 assessment to be completed. On October 4, 2022, Well Dot, Inc. received the results of the Phase 2 testing indicating potential site issues and that further testing of the groundwater on the premises would be needed by Well Dot, Inc. to determine if environmental issues would need to be resolved prior to use. To that end, Well Dot, Inc. submitted a signed Letter Agreement (Attachment 3) requesting an extension of the inspection period by 45- days, proposing a new expiration date of November 21, 2022. FINANCIAL IMPACT: There is no financial impact associated with this item. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to this item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. ENVIRONMENTAL IMPACT: There is no direct Orange County Environmental Responsibility Goal impact associated with this item. RECOMMENDATION(S): The Manager recommends that the Board approve the 45-day extension of the inspection period as outlined in the attached Lease Agreement Amendment Letter (Attachment 3) and authorize the Chair to sign the Agreement.