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CABARRUS COUNTY BOARD OF COMMISSIONERS AGENDA ITEM REQUEST Agenda Item # 1='- 33 Meeting Date 6/19/06 SUBJECT: Fourth Amendment to Purchase and Sale Agreement with Allen Craven, LLC for the Purchase of the former Cabarrus Bank/First Union Building BRIEF SUMMARY: Upon completion of an upset bid process for the sale of the former Cabarrus Bank/First Union Building in August 2005, the Board entered into a Purchase and Sale Agreement with Allen Craven LLC on August 15, 2005. In order for Mr. Craven to complete his work necessary to conclude the transaction, a Fourth Amendment to the Purchase and Sale Agreement has been requested. This Amendment would extend the Due Diligence Date 420 days and the Closing Date 450 days from the Effective Date of the Agreement. REQUESTED ACTION: (SfIIK18$1ed motion if the Board approves the agenda Item as presented) Approve the Fourth Amendment to the Purchase and Sale Agreement by and between Cabarrus County and Allen Craven, LLC, and authorize the County Manager to execute the Amendment, subject to review by the County Attorney. Attachments ~ Yes 0 No Expected Length of Presentation Submitted By: John Day, County Manager Date: 6/9/06 Name I Job Title Budget Amendment Required: 0 Yes ~ No Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes 0 No County Manager's Recommendations/Comments: I think a solution to the issues impeding the sale of the property has been developed, but some time will be required to iron-out the details. Consequently, I recommend you approve a 9O-day extension to the due-diligence period of the purchase contract. Manager's Signature ItQ Action Taken: Approved [J Denied [ ] Deferred [J Other [ ] r:-3~