BC 2007 10 15 Regular - Laserfiche WebLink

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October 15, 2007 (Regular Meeting) Page 583 There was no one else present to address the Board; therefore, Chairman Carruth closed the public hearing. Vice Chairman Juba MOVED to approve the Memorandum of Understanding (MOU) between Cabarrus County and the NOLIM GROUP, S.A., as presented. Chairman Mynatt seconded the motion. Chairman Privette pointed out that when a developer builds a subdivision, the developer pays for the roads. He asked if the County helps pay for this road, what is to stop other developers from asking the County to help pay for their roads. Commissioner Mynatt stated it would be helpful if someone would explain the lien on the property and growth of the investment there, etc. Commissioner White reported on the County's right to foreclose on collateralized property as set forth in paragraph 16 of the MOU in the event NOLIM defaults. Vice Chairman Juba amended her MOTION to include the adoption of the following budget amendment appropriating $600,000.00 of fund balance: BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF FINANCE AMOUNT: $600,000.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: This amendment appropriates $600,000.00 from Fund Balance for this road construction project. Present Account No. Approved Budg et Increase Decrease Revised Budget 00193320-971005 $0 .00 $600,000.00 $600,000.00 NOLIM Group Incentive Grant - Fo rtune Drive Road Expansion 00161710-6901 $1,856,796 .00 5600,000.00 $2,456,796.00 Fund Balance Appropriated Commissio ner Mynatt seconded the amended motion. The MOTION as amended carried with Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt and White voting for and Commissioner Privette voting against. (G-3) Approval of Purohase and Sale Agreement for the Former Cabarrus Bank S Trust Building & Related Public Hearing - 6:30 p.m. John Day, County Manager, reported the previous attempts to sell the former Cabarrus Bank and Trust Building have failed because of leases on the building held by Wachovia Bank. He said a new offer to purchase the building was received by Salloum Venture, LLC; the company has offered $1 million for the building and which will be renovated for residential and commercial use. At the request of the County Manager, Richard Koch, County Attorney, reviewed the procedure used in a negotiated sale in accordance with N.C.G.S. 158-7.1. Chairman Carruth opened the public hearing at 7:55 p.m. The Public Hearing Notice was published on October 4, 2007 in THE INDEPENDENT TRIBUNE and THE CHARLOTTE OBSERVER (Cabarrus Neighbors). Sam Salloum, of Salloum Venture, LLC; stated the building is beautiful and he wants to make it his home along with six other condominiums, a restaurant and possibly a nightclub. He said he would wait and see what Wachovia Bank does with their lease. He also commented on the deterioration of the building and the escalating prices of steel and concrete. Finally, he asked the Board to approve the Purchase and Sale Agreement he could move forward with the project. Carol Salloum, wife of Sam Salloum, stated she refused to leave her garden and that her husband would like to put a roof garden on the two-story section of the building. She commented on the beauty 'of the building and turning the building into an asset for the community. Finally, she addressed the lease with Wachovia and pointed out the rental income is less than the property taxes.