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In REAL ESTATE DEVELOPMENT • INVESTMENT • BROKERAGE ° MANAGEMENT <br />HARRIS MORRISON CO. LLC J. Harris Morrison III, CCIM MSRED <br />June 14, 2010 <br />Mr. John Day <br />Mr. Mike Downs <br />Cabarrus County Management <br />P.O. Box 707 <br />Concord, NC 28026 -0707 <br />Re: Purchase Proposal - The Old Creamery <br />Dear John and Mike, <br />We would like to present the County (the Buyer) the following proposal on behalf of our client, The Creamery <br />Concord, LLC (the Seller). The proposal outlines a purchase and sale of the +/- 10,000 SF G•eame►y building and <br />associated parking spaces at The Old Creamery (the Premises). Exhibit A illustrates a preliminary interior design of <br />the Creamery building, and Exhibit B outlines the approximate boundaries of the Premises. Seller will complete all <br />improvements prior to closing, delivering the Premises turn-key. <br />The Purchase Price will be the sum of a) $837,500 (which includes the shell building and Seller's obligation to <br />finish additional parking, site- lighting and sidewalks in back) and b) the cost to improve the building to Buyer's <br />specifications. Based on preliminary design concepts, we estimate the total interior up -fit will cost approximately <br />$600,000, making the Purchase Price $1,437,500. <br />Seller will engage Lorenz Architecture (its Architect) and GW Liles Construction Company (its General Contractor) <br />to design, permit and construct the Premises. Through its General Contractor, Seller will seek competitive bids in an <br />open -book format, providing complete oversight to the Buyer. Seller will manage the up -fit process in coordination <br />with Buyer and not charge any project management fee for doing so. Prior to beginning work, Seller, Buyer and <br />General Contractor will determine the appropriate construction delivery method to guarantee a not -to- exceed up -fit <br />cost. <br />At the time of purchase agreement execution, the Buyer will post a non - refundable deposit of $300,000. Seller will <br />be responsible for all financing during construction. We estimate that the construction process will take <br />approximately 100 days fi•om the issuance of permits. The balance of the Purchase Price will be due within 15 days <br />of building completion. <br />Seller and Buyer agree to share in the cost of surveying the property for subdivision. Both pat also agree to sign <br />a separate Cross- Easement and Parking Agreement, which governs how each party will be allowed to cross the <br />other's property, temporarily use the other's parking, and share in mah►taining the entire parking lot. Should Buyer <br />want Seller to manage Buyer's landscaping, Buyer and Seller will enter into a separate Maintenance Agreement. <br />Seller will have a First Right of Refusal to buy back the Premises, should Buyer ever wish to sell. Thank you for <br />your time and consideration. We look forward to hearing back from you regarding this proposal. Our direct <br />telephone number is 704.786.8888. <br />Sincerely, <br />�G��w1 Y'���vwww �,,.nw • <br />ermans <br />Harris Morrison <br />Mark H <br />CC: via email: County Commissioners Jay White, Grace Mynatt, Bob Carruth, Coy Privette and Liz Poole <br />ac men num er 1 <br />267 Corban Avenue SW, Concord, NC 28025 • P.O. Box 145, Concord, NC 28026 <br />704.262.6314 Direct • 704.792.2255 Fax • harrisC�iYlbcompanies.com • www.harrismorrisor> ny.com <br />