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<br />Commerce <br />Department <br /> <br />Memo <br /> <br />From: <br /> <br />Cabarrus County Board of Commissioners <br />Jonathan Marshall, Commerce Director ~ f\ <br />John Day, County Manager <br />October 13, 2005 <br />Update on Portrait Homes school site <br /> <br />To: <br /> <br />cc: <br /> <br />Date: <br /> <br />Re: <br /> <br />I wanted to provide you with an update on the proposed school site within the Portrait Homes <br />development off Pitts School Road that was discussed at the last work session. There were some <br />questions about the location of the properly also so a location map is attached. <br /> <br />Rodger Lentz and I met with a representative of Portrait Homes, Wayne Williams from the Cabarrus <br />County School Board, Don Clickner and Joe Sides from the school staff. We explained that the Portrait <br />Homes development would be subject to the adequacy review for schools and that it is probable that <br />they will need to enter into a consent agreement with Cabarrus County to advance school adequacy. <br />Portrait Homes has proposed the sale of properly to the schools including site preparation and <br />construction of required improvements. A copy of their proposal with estimated values is attached. <br /> <br />Any credit towards payments to advance adequacy would be based on vaiue of land or services above <br />the agreed upon purchase price between Cabarrus County Schools and Portrait Homes. We <br />requested that Portrait Homes provide detailed costs for the improvements, including unit prices, so <br />that they could be compared to the cost of recent school construction projects. They have provided that <br />information. In addition, Chris Ferriss with the County Tax Assessors Office has analyzed comparable <br />real estate sales to estimate the value of the iand. <br /> <br />I will provide a preliminary analysis of those reviews at your meeting on Monday, October 17'''. If the <br />unit pricing from recent school projects does not provide the necessary detail, it may be necessary to <br />have an independent engineer to review the pricing. An adequacy credit would be recommended if it is <br />determined that the actual value of th,e land and improvements is greater than the purchase price. <br /> <br />G-5 <br />