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April 21, 2008 (Regular Meeting) Page ~ 787 On behalf of the County, David Hampton, EMS Director, accepted a bear and expressed appreciation to Ms. Shore and the Epworth United Met Church Women's Group. (D) INFORMAL PUBLIC COMMENTS Chairman White opened the meeting for Informal Public Comments at p.m. He stated each speaker would be limited to three minutes. eddy 6:47 Carlos Moore, of Kannapolis, said he represents the developers of the Meadow Creek Apartments and distributed a site plan. For economies of sFale, he proposed to construct the remaining 19 apartment units at one time, instead of building the unit in two phases as specified in the Reservation of Capacity memorandum. He also asked that the build-out schedule be based on occupancy permits. I, With there being no one else to address the Board, Chairman White closed that portion of the meeting. i (E) OLD BUSINESS -1) Salloum Ventures, LLC - Resolution Related to Sale of the Former ' Richard Koch, County Attorney, presented a resolution related tq the sale of the former Cabarrus Bank and Trust Building (a.k.a. former first Union Bank Building) in accordance with NCGS 158-7.1. He announced that information related to the average hourly wage and number of jobs creat~d by this project ($22.99/hour and 105 respectively) was just received' and recommended the resolution be revised to include this new information. I UPON MOTION of Commissioner Privette, seconded by Commissioner M~natt and unanimously carried, the Board adopted the following revised resolution: Resolution No. 21008-07 RESOLUTION PURSUANT TO N.C. GEN. STAT. §158-7.1 CONCERNING THE SALE OF THE "OLD" CABARRUS BANK AND TRUST BUILDINGS AND IjAND LOCATED AT 51 AND 57 ~'. UNION STREET, SOUTH, CONCORD, NORTH CAROLINA ~', The Cabarrus County Board of Commissioners in its discretion' has determined that it is in the best interests of the citizens of Cabarrus County for the County to convey the "old" Cabarrus Bank and Trust lan~ and buildings located at 51 and 57 Union Street, South in Concord, North Carolina to Salloum Ventures, LLC for the purpose of the further economic development of the County. The Board of Commissioners makes the following specific pursuant to N.C. Gen. Stat. §158-7.1: 1. The conveyance of this property to Salloum Ventures, LLC',will likely stimulate the local economy and promote business in'~..that the buildings, now mostly vacant, will be partly converted 1, into condominiums that will be offered for resale to the publi and will be partly renovated for offices, a bed and breakfast and restaurants at the ground/floor level. 2. The land and buildings as presently configured and used are subject to a long term lease to Wachovia Bank, NA, which ease restricts the use of the property by the County and which ease is financially detrimental to the County. I 3. The land and buildings presently constitute a considerable expense to the County for maintenance and repair. 4. The redevelopment of the property by Salloum Ventures, LLC will result in the creation of approximately 105 jobs in the C unty that will pay an average of $22.49 per hour, which is abov .the median average wage in the County, which has been determin d to be $17.06 per hour. 5. The fair market value of the property is no greater ~I,that $1,000,000.00. I 6. The Board has taken into account prospective tax revenuesfrom improvements to be constructed on the property, prospective ales tax revenues to be generated in the Concord downtown area and other potential revenue to the County as a result of this project.