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November 25, 1997 <br /> <br />]CASARRUS COUN I <br /> N~]RTH C~ROLINA <br /> <br />MEMORANDUM <br /> <br />TO: Board of Commissioners _ ~{_~ <br />FROM: Frank W. Clifton, Jr., County Manager <br /> <br />RE: Purchase of Chamber of Commerce's Interest in Property Located at 2323 Lake Concord Road <br /> <br />In August 1994, the Cabarrus County Economic Development Corporation (EDC) purchased the <br />Kannapolis Chamber of Commerce's interest in the current EDC office building (2323 Lake Concord <br />Koad). That purchase included a cash payment and the assumption of one-half (~,6) the remaining <br />mortgage. The recent merger of the two chambers into one unified chamber has created a desire to <br />build a single, more centrally located Chamber office. The Chambers desire to liquidate their interest <br />in the EDC office facility. <br /> <br />An appraisal (see attached) completed in June 1997 valued the building at $345,000 (50% EDC, 50% <br />Chamber ownership). An outstanding mortgage of $164,000~: (50% EDC, 50% Chamber) still exists. <br />Combined equity interest is $181,000 (estimated). <br /> <br />The Chamber proposed to accept an offer from tenants currently leasing non-EDC occupied space <br />in the building for $155,000 for one-half (½) interest in the property less one-half (½) the remaining <br />mortgage (approximately $82,000). The EDC met November 24, 1997 and reviewed these issues <br />and decided upon an alternative recommendation. <br /> <br />The Cabarrus County Economic Development Corporation proposes that the County through the <br />EDC purchase the Chamber's interest in the building. (The EDC is totally funded by County <br />government.) The purchase would be funded with a direct capital transfer of approximately $73,000 <br />to the EDC and assumption of the Chamber's one-half(½) of the outstanding mortgage $82,000~ <br />(equating to $155,000). <br /> <br />Action requested of the County Commissioners: <br /> <br />Authorize the EDC's purchase of the one-half (½) interest of the Chamber in the property at <br />2323 Lake Concord Koad for $155,000. <br /> <br /> Office of the County Manager <br /> <br />P. O. t3ox 707 o Concord. NC 28026~0707 .. (704) 788-8100 · Cha,-[otte 37540829 <br /> <br /> <br />