AG 2008 04 21 - Laserfiche WebLink

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RESOLUTION PURSUANT TO N.C. GEN. STAT. §158-7.1 CONCERNING THE SALE OF THE "OLD" CABARRUS BANK AND TRUST BUILDINGS AND LAND LOCATED AT 51 AND 57 UNION STREET, SOUTH, CONCORD, NORTH CAROLINA The Cabarrus County Board of Commissioners in its discretion has determined that it is in the best interests of the citizens of Cabarrus County for the County to convey the "old" Cabarrus Bank and Trust land and buildings located at 51 and 57 Union Street, South in Concord, North Carolina to Salloum Ventures, LLC for the purpose of the further economic development of the County. The Board of Commissioners makes the following specific findings pursuant to N.C. Gen. Stat. §158-7.1: I. The conveyance of this property to Salloum Ventures, LLC will likely stimulate the local economy and promote business in that the buildings, now mostly vacant, will be partly converted into condominiums that will be offered for resale to the public and will be partly renovated for offices, a bed and breakfast and restaurants at the ground/floor level. 2. The land and buildings as presently configured and used are subject to a long term lease to Wachovia Bank, NA, which lease restricts the use of the property by the County and which lease is financially detrimental to the County. 3. The land and buildings presently constitute a considerable expense to the County for maintenance and repair. 4. The redevelopment of the property by Salloum Ventures, LLC will result in the creation of a substantial number of jobs in the County that pay at or above the median average wage in the County, which has been determined by the County. 5. The fair market value of the property is no greater that $1,000,000.00. 6. The Board has taken into account prospective tax revenues from improvements to be constructed on the property, prospective sales tax revenues to be generated in the Concord downtown area and other potential revenue to the County as a result of this project. 7. Sale of this property will increase the taxable property and business prospects of the County. BE IT RESOLVED BY THE CABARRUS COUNTY BOARD OF COMMISSIONERS, in its discretion, that the sale of the land and buildings located at 51 and 57 Union Street, South, Concord, North Carolina complies with the provisions ofN.C. Gen. Stat. §158-7.1 and is in the best interests of Cabarrus County. IT IS FURTHER RESOLVED that the County Manager and the County Attorney are authorized to finalize the conveyance of this property to Salloum Ventures, LLC and that the Chair and the County Manager are authorized to execute any documents required to complete this transaction. This day of April, 2008. H. JAY WHITE, SR., CHAIR CABARRUS COUNTY BOARD OF COMMISSIONER ATTEST: G. KAY HONEYCUTT CLERK TO THE BOARD E-I