AG 2004 06 15 - Laserfiche WebLink

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the double-wide and $20,000.00 on one acre of property, stating she had purchased the mobile home for $34,000.00 and the land for $14,000.00 She also disputed the $2,000.00 value of a fireplace that she stated was an insert. Further, Ms Barnhardt stated that Gary Nelson of Nelson Properties, Inc , has purchased a number of the double-wide homes in the Farm Hill community for rental property. She complained that the renters were destroymng the neighborhood and devalumng her property. Chairman Freeman asked Brent Weisner, Tax Administrator, to address the replacement cost mssue. He samd the replacement value is a component of the valuation of property and the market value of the property ms determmned by usmng the replacement cost less deprecmation. There was no one else to address the Board, and Chamrman Freeman closed that portion of the meeting at 6:54 p m. (E) OLD BUSINESS (E-I) Cabarrus Tank & Trust Building Revised Proposals Jonathan Marshall, Commerce Director, reported the three bidders for the Cabarrus Bank and Trust Bumldlng (First Unlon Bumldmng) had revised their proposals based on comments from the Board at a meetmng on March 8, 2004. Also, Ware Bonsall Archmtects has submmtted a proposal ($4,800 00) to study the potential reuse of the building for offices currently located mn the Courthouse Mr Marshall mdentifled the following three bids that had varymng terms and condmtmons. Salloum Ventures, LLC $1,155,000.00 (Alternate I - Straight Purchase) and $1,300,000.00 (Alternate 2 - County Lease Back Optmon), Norcom Properties $1,200,000 00; and Danny G. Bost, LLC $1,130,000.00. Further, he discussed the possibilmty of selling the property through Preservatmon North Carolina to establish protective covenants on the building and assist the purchasers with tax credmts or through an upset bid process In response to questions by the Board, County Attorney Porter advised that the bmds or letters of mntent were offers and were equally bindmng but were not considered to be contracts. Mr Day reported a prmor general ar'chitectural study of the building had determined that the space was not well sumted for use by Courthouse offmces. He stated he supported that assessment and recommended the sale of the buildmng with the proceeds earmarked for school capital mn the FY 2005 County budget. Mr. Day also discussed the possmbility of a negotiated sale through Preservation North Carolmna or through an upset bmd process. Due to the mnterest in the property, he recommended the upset bmd process wmth a stipulation that any exterior renovatmons would be done to the standards of the Secretary of Intermor's gumdelmnes for historic structures. Commmssioner Prmvette made a mormon authormzmng the County Manager to set up the upset bid process to sell the Cabarrus Bank and Trust Bumldmng to the hmghest bmdder (Norcom Propertmes), mncluding the removal of Item 15 (one and one-half percent fee to Preservation North Carolina) from the Letter of Intent, the addmtion of a general requirement that extermor renovations would be performed to the standards of the Secretary of Intermor's guidelines for hmstormc structures and for the County Manager and County Attorney to negotmate the remamning issues. Commissmoner Carruth seconded the motion. Mr Danny Bost objected to the use of the upset bid process. He stated mn hms opinion the bid process should be open to the three bidders in order to be fair to all. Ms. Porter reviewed the terms of the Letter of Intent from Norcom Properties, mncluding the following: $10,000.00 earnest money that is refundable; 90-day Inspection period; 45-days to submit rezonmng requests; clpsmng to occur 60 days after 1nspectlon; and assmgnment rights. There was dlscussmon regardmng the proposed upset bmd process and the terms outlmned in the Letter of Intent from Norcom Propertmes. It was noted during dmscussion that the North Carolmna General Statutes require a five percent bmd deposmt mn the upset bid process and this provision would need to be included in the Letter of Intent. Commissioner Carruth suggested the following conditions for the sale of the building, mmnlmum bid of $1.2 million; 60 days to close; 90 days due dmlmpence period; building exterior to meet the standards of the Secretary of