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May 6, 2004 <br /> <br />DANNY G. BOST, LLC <br /> <br /> P. O. Box 1111 <br />Concord, NC 28026-1111 <br /> <br />Mr. Jonathan B. Marshall, AICP <br />Commerce Department <br />65 Church Street, SE <br />Concord, North Carolina 28025 <br /> <br />RE: Cabarrus Bank and Trust Building formerly First Union Building <br /> <br />Dear Jonathan: <br /> <br /> In response to your memorandum, we respectfully submit the following as a revision to our <br />original Offer to Purchase the Cabarrus Bank and Trust Building. We sincerely appreciate the <br />continued interest in our bid and the opportunity to purchase this prime property and participate in <br />the growth and development of historic downtown Concord. <br /> <br /> Your memorandum contained five bullet points that we would like to address in the order <br />you presented them. <br /> <br />Following our purchase of the property, we would be pleased to renovate and lease <br />to the County any portion of the tower the County might wish to use as office space. <br />If the County wishes to lease any portion of the property we would be happy to <br />propose an appropriate and competitive lease purchase agreement based on the <br />County's needs. <br /> <br />Our Offer to Purchase and Contract called for a 90-day due diligence period from the <br />date of acceptance of said contract and closing on August 15, 2004. We will be <br />pleased to modify this to a 90-day due diligence period from the date of acceptance <br />and closing within 45 days thereafter. Because Salloum Ventures has not presented <br />a proposed contract, we cannot be certain how the contingencies and schedules they <br />propose compare. Based on the emphasis both Salloum and Norcom placed on tax <br />credits in the presentations to the Commissioners on March 8, 2004, we believe that <br />our proposal contains the fewest possible contingencies and the least possible delay <br />in closing. <br /> <br />o <br /> <br />We would welcome an upset bid procedure should the County desire to maximize the <br />price paid for the property and we respectfully request that we be afforded the <br />opportunity to match and increase any finn offer the County may receive fi.om any <br />other group interested in the property. We have met with you and a group of <br />investors interested in leasing the top two floors for the purposes of creating a first <br /> <br /> <br />