AG 2018 02 19 - Laserfiche WebLink

Home Browse Search

Memo Ta Board of Commissioners Fran: Jonathan B. Marshall, Deputy County Manager co Michael K. Downs, County Manager Date: 2/14/2018 Ra Proposed Property Purchase for Rowan Cabanus Community College Staff has negotiated the purchase of a parcel of land on Trinity Church Road for future expansion of the south campus of Rowan Cabanus Community College. The parcel is 8.87 acres. There are no buildings cunenty on the property but It is idenfified by site address 1750 Trinity Church Road and Parcel Idenfification Number 5601-68-7801. The parcel is within the city limits of Kannapolis, as is the rest of the south campus, and is zoned C-2. The sales price for this parcel is $140,000 per acre for a total of $1,241,800. The owner reduced his asking price based on an agreement that the County would purchase the property over a period of four years at a rate of 2% per year. The total of principal and interest for the purchase would be $1,279,054. There is a due diligence period unfil the end of March, assuming the purchase is approved, to allow for surveying and testing of the property. Staff is working with RCCC to coordinate that work. The purchase through owner financing has been reviewed by the County's bond counsel, Steve Cordell. It does not require Local Government Commission approval since the period of financing is less than five years. It does, however, require a public hearing before the Board may consider approving the purchase. The adverbsementforthe hearing is attached as partof the agenda item. Aftchmenl number 1 \n G-1 Page 176