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CABARRUS COUNTY <br />~~' `~` BOARD OF COMMISSIONERS ,, <br />REGULAR MEETING <br />. ;. <br />N ca~`~~ JULY 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />BOC -Denial of Interlocal Agreement Between Cabarrus County (Et. AI) <br />& Centralina Council of Governments for Purchase of Condominium for <br />Office Space <br />BRIEF SUMMARY: <br />CCOG plans to purchase a 16,200 square foot office condominium <br />located in the City of Charlotte that when renovated will serve as office <br />space for the Centralina Council of Governments. The COG is required to <br />have Local Government Commission (LGC) approval in order to incur <br />debt. The LGC has asked .the COG to work with some of its larger <br />members to approve the following Interlocal Agreement in order to provide <br />them more security in approving this project. It is anticipated that the <br />Condominium will cost $2,956,500 to purchase, approximately $485,000 <br />to up fit the space, and a projected $58,500 in closing costs, fees, and <br />contingency for a total cost not to exceed $3.5 million. As stated in the <br />following letter, the COG's Executive Director is confident that the entity <br />has sufficient revenues to make the payments on the new office <br />condominium, and that guarantees of support by its members will never <br />need to be acted upon. <br />REQUESTED ACTION: <br />Motion to deny the County's participation in the aforementioned Interlocal <br />Agreement. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />John Day, County Manager <br />BUDGET AMENDMENT REQUIRED: <br />F-5 Page 163 of 627 <br />