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FINANCIAL IMPACT: As outlined above, the County would purchase the property for a cost of <br />$346,000. The purchase price will be financed over a period of 59 months at an interest rate of <br />6 percent. Annual debt service payments total $81,437 and would be offset in part by the rent <br />of $18,392 currently paid to Sprint. The net impact of $63,045 is accounted for in the County's <br />present capital funding plan. <br />RECOMMENDATION(S): The Manager recommends that the Board take the following action: <br />1. Receive comments from the public regarding the financing of the properly. <br />2. Close the public hearing. <br />3. Approve the attached Resolution authorizing the purchase of the building at 129 East King <br />Street, in which the Department of Purchasing and Central Services will be re-located, for <br />$346,000 with owner financing for 59 months at 6% as specified in the attachments to the <br />Resolution. <br />4. Exempt the project from the statute requiring the announcing of all requirements for <br />architectural, engineering and surveying services and the statutory selection process as <br />provided for in the statues cited above. <br />