BC 2006 05 01 WORK SESSION - Laserfiche WebLink

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May I, 2006 - Agenda Work Session Page 584 Purchase of the Former First Union Bank Building John Day, County Manager, reported the current due diligence period for the purchase of the former First Union (Wachovia) Building by Allen Craven LLC expires on May 8, 2006. He said discussions between the parties are ongoing and that progress is being made, but will require another extension of the due diligence period. Mr. Day commented on Wachovia's plans to build a new building in Concord and demolish two of its existing facilities on Church Street. He said the property leases control the 35 parking spaces associated with the building, but Wachovia is willing to enter into an agreement with the purchaser to free up all but four of those spaces. Mr. Day presented the following options for extending the due diligence period and closing date: (1) approval after the fact at the May 15 meeting; or (2) suspend the Agenda Work Session rules and authorize the County Manager and County Attorney to execute the due diligence extension. UPON MOTION of Vice Chairman Juba, seconded by Commissioner Carpenter and unanimously carried, the Board voted to suspend the rules in order to consider the extension of the due diligence period/closing date for the former First Union Bank (Wachovia Bank) building. Commissioner Carpenter cited her employment with Wachovia Bank and asked to be recused from the vote. UPON MOTION of Chairman Carruth, seconded by Commissioner Privette and unanimously carried, the Board recused Commissioner Carpenter from the vote. UPON MOTION of Vice Chairman Juba, seconded by Commissioner Privette with Chairman Carruth, Vice Chairman Juba and Commissioners Freeman and Privette voting for and Commissioner Carpenter abstaining, the Board approved a 60-day extension of the due diligence period and closing date as set forth in the Purchase and Sale Agreement with Allen Craven LLC for the purchase of the former First Union (Wachovia Bank) building. Further, the Board authorized the County Manager and County Attorney to execute the Amendment to the Purchase and Sale Agreement. Parking Issues Mr. Day reported on a recent meeting with officials from the City of Concord and the Concord Downtown Development Corporation (CDDC) concerning downtown parking. He said there was general agreement that adequate parking is available in the downtown area if the merchants and their employees park in the city-owned parking deck. He said the CDDC plans to verify the number of employees for each business and meet with the City of Concord to obtain a discounted rate for leased parking. However, Mr. Day stated the need for additional parking spaces in the future and commented on a parking study completed in 2002 that identified the construction of a parking deck on county-owned property at the corner of Corban Avenue and Spring Street. Adjournment with there being no further business to come before the Board, Chairman Carruth adjourned the meeting at 5:53 p.m. J~,.j-. ~ Clerk to the Board