3-6-17 Regular Meeting - Laserfiche WebLink

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Based on the foregoing, I have found the following relevant facts: 1. The County Board of Commissioners purchased the Subject Property for a proposed elementary school based on the unanimous recommendation of the County Board of Education. 2. Six members of the County Board of Commissioners approved the purchase at an open meeting of the Board. Only one member voted in opposition. At the same meeting, six members of the County Board of Commissioners approved receiving an Option to Purchase the additional land, at a later date, by a 6 to 1 vote. 4. The basis for the purchase price of $367,240 was clearly identified in the Agreement for Purchase and Sale of Real Property which was before the Board. 5. No member of the County Board of Commissioners received any portion of the purchase price of the Subject Property. 6. No member of the County Board of Education received any portion of the purchase price of the Subject Property. 7. No member of the Board of Directors of Brick Capital Community Development Corporation received any portion of the purchase price of the Subject Property. 8. The purchase price of the Subject Property according to the Agreement for Purchase and Sale of Real Property was $367,240.00, plus certain normal closing costs. 9. The County of Lee paid $367,240.00 plus closing expenses of $3,191.31, pursuant to the purchase agreement. (County taxes were also prorated on a six-month basis pursuant to the purchase agreement.) 10. Only 5 entities received any disbursements from this transaction: a. First Citizens Bank and Trust to payoff mortgage balance. b. Doster, Post, Foushee, Post & Patton, P.A. for legal fees. C. Investors Title for title insurance d. Lee County Register of Deeds for recording and excise tax. e. Net Proceeds to Brick Capital Community Development Corporation. 11. Brick Capital Community Development Corporation is a North Carolina Non - Profit Corporation with its principal place of business in Lee County.