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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 5, 2022 <br /> Action Agenda <br /> Item No. 8-h <br /> SUBJECT: Approval of Sale of 129 East King Street, Hillsborough, NC <br /> DEPARTMENT: Asset Management Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. May 24, 2022 Resolution Authorizing Travis Myren, Deputy County Manager, <br /> the Sale and Upset Bid Process for 919-245-2308 <br /> 129 East King Street Steven Arndt, Asset Management <br /> 2. October 27, 2022 David Cates Offer Services Director, 919-245-2658 <br /> to Purchase of 129 East King Street <br /> 3. Appraisal Cover Letter of 129 East <br /> King Street, Hillsborough, NC. <br /> PURPOSE: To consider the approval of the sale of County-owned property located at 129 East <br /> King Street, Hillsborough, NC. <br /> BACKGROUND: The County-owned property at 129 East King Street consists of a .24 acre site <br /> with a 7,100 gross square foot facility that was originally constructed in 1947 for use as a retail <br /> furniture store. Orange County acquired the property in 2001 and renovated it for use as an office. <br /> It is located near the center of Hillsborough, close to the Historic Courthouse. The facility is in <br /> poor condition, with numerous structural and environmental issues, and has been vacant since <br /> late 2018. <br /> At its May 24, 2022 Business meeting, the Board of County Commissioners approved a resolution <br /> authorizing the sale of the property through an upset bid process (Attachment #1). After an <br /> extended bidding period, David Cates presented the County with a final, uncontested offer to <br /> purchase the property for $400,111 on October 27, 2022 (Attachment 2). The property was <br /> recently appraised in February 2022 at $160,000 (Attachment 3). In accordance with North <br /> Carolina General Statute 160A-269, the final offer for the sale of the property must be presented <br /> to the Board for consideration and approval. <br /> FINANCIAL IMPACT: The property is currently sitting vacant and there are no plans to renovate <br /> or re-occupy the site. Due to the extremely poor condition of the facility, the appraised value of <br /> the property is based upon the value of the land only. The sale of 129 East King Street will convert <br /> a non-productive capital asset into $400,111 that may be re-allocated to other County needs. <br /> SOCIAL JUSTICE IMPACT: There are no Orange County Social Justice Goal impacts <br /> associated with this item. <br />