BC 2008 10 06 Work Session - Laserfiche WebLink

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October 6, 2008 (Work Session) Page 983 County Manager - Adoption of Incubator Farm Project Ordinance and Budget Amendment - $254,250.00 John Day, County Manager, stated the adoption of the Incubator Farm Project Ordinance and Budget Amendment for $254,250.00 appropriates the remainder of the money reserved last year to go toward the Incubator Farm and establishes a budget. UPON MOTION of Vice Chairman Juba, seconded by Commissioner Carruth and unanimously carried, the Board voted to place the adoption of the Incubator Farm Project Ordinance and Budget Amendment for $254,250.00 on the October 20, 2008 Agenda as a Consent item. Economic Development Corporation (EDC) - Request £or Endorsement of Certified Site John Day, County Manager, reported the Board is waiting on a decision on the N.C. Highway 3 plan before making a decision on this item. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Juba and unanimously carried, the Board voted to place the EDC Request for Endorsement of Certified Site on the October 20, 2008 Agenda as a New Business item. Finance - Acquisition of Lower Rocky River Elementary Site Pam Dubois, Deputy County Manager, reported the Lower Rocky River Elementary Site was initially going to be given to the County through the Adequate Public Facility Ordinance; however, due to complications and bankruptcy, the County Attorney is handling the acquisition. Richard Koch, County Attorney, reported the Board previously approved condemning this property for a school site. He addressed the following topics: the site is approximately 29 acres in size; the developer, Crosswinds at Rocky River, LLC, filed a Chapter 11 petition for bankruptcy; Wachovia Bank holds the first mortgage; Judge Hodges put the debtor on a timeline to prepare and present their Chapter 11 reorganization plan; the plan was not filed by the deadline; Wachovia was granted permission to proceed with foreclosure of the property; the County filed for condemnation of the property; a substantial number of liens have been filed on the property; there has been discussion on selling the property free and clear of liens; etc. Mr. Koch further explained: selling the property free of liens would preclude the County having to condemn the site and serve the lien holders to determine what their interest would be; the property would then be condemned at a price of $70,000.00 per acre for the increased acreage; an additional consideration would be paid to Wachovia bank in the amount of approximately $110,000.00; this payment would release the property from Bankruptcy sooner and would also clear the title of any liens; an Order approving the sale and allowing the County to proceed could be signed by the end of this week; etc. Next, Mr. Koch responded to questions from the Board regarding the lien holders recouping a portion of their losses. Mr. Koch reported that the liens on the property have not been evaluated for validity or priority and the liens total approximately $19 million, which is more than what the property is worth. Chairman White asked if it would be helpful for the Board to take action on this request today, due to time constraints. The County Attorney responded in the affirmative. UPON MOTION of Commissioner Carruth, seconded by Commissioner Mynatt and unanimously carried, the Board suspended its Rules of Procedure in order to take action on the acquisition of the Lower Rocky River Elementary Site. UPON MOTION of Commissioner Carruth, seconded by Commissioner Mynatt and unanimously carried, the Board approved the purchase of the Lower Rocky River Elementary site subject to the County Attorney finalizing the agreement between the County and the bankruptcy court for the purchase of the land. Finance - Approval of Land Acquisition by Condemnation of Garrison Property for the New Northwest Area Middle School Pam Dubois, Deputy County Manager, presented a request for land acquisition by condemnation of the Garrison property for the new Northwest Area Middle School. She stated a condemnation notice was in place to purchase 45 acres at approximately $55,000.00 per acre for a total o£