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in G.S. 115C-431 shall, insofar as the same maybe applicable, be used to settle the <br />disagreement. <br />OCS and its attorney have negotiated with the owners of parcels of property in the Efland area <br />and have developed option to purchase agreements with them. OCS would have six-month <br />options to purchase each parcel at a cost of 3 percent of the total purchase price. If the sale <br />were ultimately consummated, the cost of the options would be credited in each case against <br />the sale price of the parcels. As outlined in the accompanying letter from the OCS Attorney, the <br />total acreage proposed for purchase is 100.62 acres; the total purchase price is $1,283,500; <br />and the total cost of the six-month options is $38,505. <br />It is possible that some portion of this total property that may not be needed for a middle school <br />could serve as the site for other compatible school and/or County uses. Discussion about that <br />could take place in the coming months while the options to purchase are in effect. <br />FINANCIAL IMPACT: As noted above, the cost of the six-month options is $38,505. This <br />cost can be addressed with cash already on hand from the sale in March 2003 of the first <br />installment of November 2001 voter-approved bonds. The accompanying OCS Middle School <br />#3 Capital Project Ordinance would provide budgetary authorization for OCS to expend the <br />funds for the six-month options. <br />The BOCC will ultimately need to make a decision formally approving the amount to be paid for <br />the middle school site. However, that is a decision separate from this decision on the options to <br />purchase, and one that will be made at a subsequent BOCC meeting. <br />RECOMMENDATION(S): The Manager recommends that the Board: 1) approve the option <br />purchase price of $38,505 for option to purchase agreements to be executed between the <br />Orange County Schools and the respective property owners for the parcels comprising the <br />proposed site of the third OCS middle school; and 2) adopt the attached OCS Middle School #3 <br />Capital Project Ordinance. <br />