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Memo <br /> <br />To: <br /> <br />From: <br /> <br />Date: <br />Re: <br /> <br />Cabarrus County Board of Commissioners <br /> <br />Jonathan B. Marshall, Commerce Director <br /> <br />John D. Day, County Manager <br /> <br />02/03/04 <br /> <br />Cabarrus Bank and Trust Building <br /> <br />There are currently two bids for the former Cabarrus Bank and Trust Building at 57 Union Street South <br />that met or exceed the County's proposed pdce. One of the bids is exactly $1.1 million, which is the <br />base amount proposed for the property, and the other is slightly higher at $1.125 million. Both bidders <br />have indicated either verbally or in writing that they intend to re-develop the building for mixed use <br />including retail, office and residential. <br /> <br />The Board of Commissioners had indicated by consensus that additional advertising of the property be <br />placed in local media and that an appraisal be conducted. The advertising was placed but it did not <br />spur additional interest. In addition, a firm able to analyze this unique type of building to determine <br />market value has submitted a proposal to appraise it. That proposal includes two options for performing <br />this analysis - a standard income approach appraisal or a consulting contract to determine the range of <br />value based upon options for re-use. <br /> <br />It is my recommendation that the Board of Commissioners permit representatives of the two bidders to <br />present their proposed use to the Board. That would allow the Board to consider the proposed use of <br />this very important building in downtown Concord before accepting a bid. At this point, I do not <br />recommend the appraisal since these two bids were the highest of the four total bids and the proposed <br />amount exceeds the County's estimated investment. <br /> <br />· Page 1 <br /> <br /> <br />