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April 25, 2002 <br /> <br />[CABARRUS COUNI~[ <br /> NORTR CAROLINA <br /> <br />MEMORANDUM <br /> <br />TO: Board of Commissioners <br /> <br />RE: Offer to Purchase County-Owned Land <br /> <br />Attached is a copy of an offer to buy 11.8 acres of CountY property (the old Fairgrounds as noted' <br />on the drawing). The "proposed" purchase price is $1,775,000, roughly $150,000/acre. <br /> <br />The purchase is subject to the upset bid process, which wOuld be impacted by market factors. <br /> <br />The sale of this property and the adjacent County-owned 12 acres were included in the proposed <br />FY 03 Budget as a revenue source. Assuming the Board agrees to pursue the upset bid process, <br />the timing of an actual sale would occur in FY 03 (after July 02, before July 03).. <br /> <br />I will include this 'issue as an action item for your consideration at the Scheduled budget meeting <br />set for May 13th. <br /> <br />Please advise if you have questions. <br /> <br />Respectfully, <br /> <br />FWC/sb <br /> <br />Enclosure <br /> <br />CC; <br /> <br />Fletcher 'Hartsell <br />Blair Bennett <br />Jonathan Marshall <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 />