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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:. December 12, 2000 <br />Action Agenda <br />Item No.` <br />SUBJECT: Authorization to Seek Financing for Property Acquisition at 112 and 118 North, <br />_Churton Street in Hillsborough <br />DEPARTMENT: Finance PUBLIC HEARING: (Y /N) No <br />Purchasing <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Ken Chavious, ext 2453. <br />Resolution Pam Jones ext 2652 <br />Public Hearing Notice. TELEPHONE NUMBERS: <br />Correspondence From.Bond Counsel Hillsborough 732 -81.81 <br />Chapel Hill 9684501 <br />Durham 688 -7331 <br />Mebane 336- 227 -2031 <br />PURPOSE: To consider adoption of a resolution indicating the Board's approval. of.the <br />acquisition and financing for the purchase of buildings located at 112 and 11.8 North Churton <br />Street,. Hillsborough; and to establish a date of a public hearing on the financing proposal. <br />BACKGROUND: Hillsborough Savings Bank and CCB have become one entity within the <br />recent past.. The Bank is now divesting itself of property that is not critical to its day to day. <br />operations.. As a result they have offered for purchase the property leased by the County in <br />Hillsborough at 112 N. Churton (old Hillsborough Savings Bank currently lease for use as the <br />Clerk of.Cburt Annex) and 118 N. Churton (Graham Building .present location.'of the Veterans <br />office. and the Literacy Council). . <br />CCB has accepted the.County's offer of $485,000 for both properties. Based on a projected <br />interest rate of 6.5 %, the debt service payment for each year of the 10 -year projected. finance <br />period will cost the County approximately $7,000 above what we are currently paying for rent. <br />Further, it is contemplated that the property will fill significant future space needs as may be <br />identified by the County. <br />The Board will formally be requested to approve the acquisition of the properties on January 18, <br />2001; contingent upon a favorable report on the-environmental and general building <br />assessments.` In the interim; staff will solicit financing Requests for Proposals (RFP's) for Board <br />consideration as well as the public's consideration during the required public hearing. <br />