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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 10/15/07 Agenda Item # ~-,3 <br />SUBJECT: <br />Purchase and Sale Agreement -Former Cabarrus Bank & Trust Building & Public <br />Hearing - 6:30 p.m. <br />BRIEF SUMMARY: <br />Previous attempts to sell the county-owned Cabarrus Bank & Trust Building have failed. A <br />new offer to puchase the building was received by Salloum Venture, LLC. The company <br />has offered $1 million for the building, which will be renovated for residential and <br />commercial use. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />1. Hold public hearing. <br />2. Consider approval of the Agreement for Purchase and Sale for the former Cabarrus <br />Bank & Trust Building. <br />Attachments ^X Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: John Day, County Manager Date: 10/8/07 <br />Name /Job Title <br />Budget Amendment Required: ^ Yes ^ No <br />Budaet Amendment Attached and Reviewed by Budget Officer: ^ Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a New Business item. <br />Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />