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Memo <br /> <br />To: <br />From: <br />Date: <br />Re: <br /> <br />ICABARRUS COUN1~I <br /> NOfHH CASOLINA <br /> <br />Board of County Commissioners <br />John Day, Interim County Managei~Z <br />June 24, 2003 <br />Proposals from Carpenter Commercial and Cornerstone to provide master <br />plan development and land marketing services <br /> <br />The FY 2003 budget appropriates $4.2 million from the sale of the former county <br />fairgrounds property and the county school administration complex on HW 29. As you <br />are aware, these properties have not been sold. <br /> <br />An offer to purchase 1 acre of the former fairgrounds property was rejected at the March <br />17 Board meeting because of the negative affect it would have had on the value of the <br />remaining property. Also at that meeting, the Board directed the manager to seek <br />proposals for marketing the 2 parcels mentioned above. Minutes from that meeting are <br />attached for your information. <br /> <br />The sale of these properties is an economic development issue for Cabarrus County. A <br />plan should be developed for these properties that maximizes the proceeds from their <br />sale, provides for maximum annual tax revenue generation and provides good jobs for <br />county residents. Two firms have made proposals to assist the county in achieving those <br />goals. A third firm was contacted but declined to make a proposal. <br /> <br />The proposals from Carpenter Commercial and Cornerstone are both for master planning <br />and marketing services. Both finns have excellent experience and are local. The <br />standard commission fee proposed by Cornerstone is lower, 3.9% versus 5%, than that <br />proposed by Carpenter Commercial (Carpenter Commercial lowered its proposed <br />standard commission fee from 6% to 5% and lowered its co-brokered fee from 8% to <br />7%). Cornerstone proposes a co-brokered fee of 7.8%. <br /> <br />Both proposals include fees for the development of master plans. Cornerstone proposes a <br />fee of $9,500 for the former fairgrounds and $7,600 for the school administration site. <br />The Carpenter Commercial proposal doesn't include the plan development cost, but Mr. <br />Carpenter indicated in a conversation that each plan would cost around $10,000. The <br />master plan development fee is deducted from the commission payment upon sale in the <br />Cornerstone proposal; it is not in the Carpenter Commercial proposal. <br /> <br /> Office of the County Manager <br />P.O. Box 707 · Concord, NC 28026-0707 · 704-920-2100 · Fax 704-920-2820 · Charlotte 704-375-0829 <br /> www. co cabarrus.nc.us <br /> <br /> <br />