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<br />November 17, 2005 - Recessed Meeting
<br />
<br />Page
<br />
<br />395
<br />
<br />Account No.
<br />00191960-9708
<br />Contribution
<br />00161710-6901
<br />Fund Balance
<br />
<br />Present
<br />Approved Budget
<br />$1,889,139.00
<br />to Capital Projects
<br />$3,400,814.65
<br />Appropriated
<br />
<br />Increase
<br />$208,000.00
<br />Fund
<br />$208,000.00
<br />
<br />Decrease
<br />
<br />Revised Budget
<br />$2,097,139.00
<br />
<br />$3,608,814.65
<br />
<br />Sale of First Union Building
<br />
<br />John Day, County Manager, reported that Allen Craven had submitted a
<br />Termination Notice to the Purchase and Sale Agreement dated August 15, 2005,
<br />for the former First Union Building. He stated Mr. Craven had advised he
<br />submitted the Termination Notice on November 10 because the Board was not
<br />meeting prior to the end of the due diligence period, but would like to
<br />extend the period while continuing negotiations with Wachovia Bank, which
<br />leases space in the building.
<br />
<br />Fletcher L. Hartsell, Jr., County Attorney, outlined the following
<br />options to the Board: (1) Extend the due diligence period and the contract
<br />remain in place; or (2) Terminate the contract and rebid the sale of the
<br />building. Also, he stated that Mr. Craven would need to withdraw the
<br />Termination Notice in order for the Board to extend the due diligence period.
<br />
<br />Chairman Carpenter ask~d to be recused from voting due to her
<br />employment with Wachovia.
<br />
<br />vice Chairman Carruth stated that without objections, the Board would
<br />recuse Chairman Carpenter from voting on the issue regarding the sale of the
<br />former First Union Building. There were no objections and Chairman Carpenter
<br />was recused.
<br />
<br />UPON MOTION of Commissioner Juba, seconded by Commissioner Freeman with
<br />Commissioners Juba, Freeman and Privette and Vice Chairman Carruth voting for
<br />and Chairman Carpenter abstaining, the Board moved, nunc pro tunc to August
<br />15, 2005, to amend Paragraph 5(c) of the Purchase and Sale Agreement, dated
<br />August 15, 2005, by and between Cabarrus County (~SellerU) and Allen Craven,
<br />LLC ("Purchaser") to reflect a Due Diligence Date 180 days from the effective
<br />date of the Agreement, August 15, 2005, provided Allen Craven, LLC, withdraws
<br />the Termination Notice to the Clerk to the Board dated November 10, 2005.
<br />
<br />Closed Session
<br />
<br />UPON MOTION of Vice Chairman Carruth, seconded by Commissioner Privette
<br />and unanimously carried, the Board moved to go into Closed Session to consult
<br />with the County Attorney in order to preserve the attorney-client privilege
<br />and discuss the Concord litigation as authorized by North Carolina General
<br />Statute 143-318.11(a) (3).
<br />
<br />UPON MOTION of Commissioner Juba, seconded by Commissioner Privette and
<br />unanimously carried, the Board moved to come out of Closed Session.
<br />
<br />Sale of County-Owned Property to Piedmont Preservation Foundation
<br />
<br />Vice Chairman Carruth re-introduced discussion of the proposed contract
<br />between Cabarrus County and piedmont Preservation Foundation (PPF) for the
<br />purchase of the County-owned property. He called the Board's attention to
<br />Item 4 requiring PPF to "pay all proceeds from the sale, after paying off its
<br />primary lender, up to the amount of $300,000.00." He stated there would be
<br />other expenses, including moving costs, to be paid by PPF.
<br />
<br />UPON MOTION of Vice Chairman Carruth, seconded by Commissioner Juba and
<br />unanimously carried, the Board moved to amend Item 4 of the Agreement between
<br />Cabarrus County and piedmont Preservation Foundation to read as follows:
<br />". . . that buyer shall pay all proceeds from the sale, after paying off its
<br />primary lender plus any reasonable moving expenses Buyer has incurred to the
<br />extent the loan is not sufficient to cover the costs, up to the amount of
<br />$300,000.00."
<br />
<br />Adjournment
<br />
<br />There was no further business to come before the Board, and Chairman
<br />Carpenter adjourned the meeting at 5:20 p.m.
<br />
<br />J-~~. ~
<br />
<br />Clerk to the Board
<br />
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