AG 2002 11 18 (Regular) - Laserfiche WebLink

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November 15, 2002 ICABARRUS.COUNTYI NORIH CAROLINA November 18, 2002 Item New Business MEMORANDUM TO: Board of Commissioners RE: Sale of Old Fairgrounds Property In April 2002, the Board approved proceeding with the required upset bid process for the 11.8-acre parcel best described as the old Fair property. The firm entering the offer, Cambridge Properties, Inc., has never posted the required deposit nor signed off on the purchase agreement as required by the County. I contacted the firm on November 5th and they indicated they were putting together their documentation to pursue the process inclusive of the deposit. They have not followed through as of this date (11/15/02). Their offer was $1,775,00.0 for the 11.8 acres ($150,424/acre) subject to upset bids. Bo On November 15, 2002, the firm of Commercial First Real Estate Investment and Development, Inc. tendered an offer for a "roughly" one (1) acre square parcel on the comer of Cabarms Avenue and Union Cemetery Road for $350,000. They are aware that the purchase offer, if accepted, would have to go through the upset bid process. C. Board Action Request: Do we declare the Cambridge Properties, Inc., proposed purchase of the 11.8 acres non-active? They have not signed the agreement or posted a deposit. 2. Do we accept the bid for the one (1) acre parcel and proceed with the upset bid proceSs? 3. Do we do neither and hold out for a bid on either the full 12 or 24 acres available? We did budget the sale of these properties in the FY 2003 Budget along with the School AdministratiOn property. Please provide direction as how you wish us to proceed. Respectfully, on, Jr. County Manager p.,r~ Office of the County Manager P.O. Box 707 · Concord, NC 28026-0707 · 704-920-2100 · Fax 704-920-2820 · Charlotte 704-375-0829 www. co.cabarrus.nc.us