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2 <br />Industrial facility on Valley Forge Road leased to Builders First Source <br />Builder's First Source (BFS) opted to exercise one of two five-year renewal options in 2007 at a <br />lease rate of $205,000 per year. Further, BFS pays taxes in lieu to the County equivalent to the <br />tax bill they would receive should the building be under private ownership. In 2012 BFS may <br />choose to exercise the second five year option. Although the down-turn in building activity <br />caused a slow down in businesses of this type, it is plausible during the next nine years the <br />economy will rebound and place BFS in a position that building purchase may be plausible. <br />Staff would pursue purchase discussions with BFS at the appropriate time should the Board <br />indicate an interest in selling the property. <br />FINANCIAL IMPACT: In addition to funds received from the direct sale of the referenced <br />properties, properties would presumably be under private ownership and as such, subject to <br />taxation. This action would increase future annual tax revenue to the County and towns in <br />which they are located. <br />RECOMMENDATION(S): The Manager recommends the Board discuss each property and: <br />• Determine whether subject properties should be made available for sale or other <br />means of disposal as allowed by Statute; and <br />• Agree to general timelines by which the sale should move forward; and <br />• Authorize the Purchasing and Central Services Director to seek appraisals or other <br />reliable means of assessing properties in order to establish fair market value for the <br />properties identified for sale. <br />