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Doc_6_Requested_vs_Recommended_Summary_2023-2027.pdf IIID Public hearing on installment financing related to the purchase of the Buggy Factory located at 115 Chatham Street Chairman Smith opened the public hearing on the installment financing related to the purchase of the Buggy Factory located at 115 Chatham Street, Sanford, NC. The proposed terms include a purchase price of$5,125,000 for the building with a down payment of$1,500,000 with the balance to be paid to Progressive Development Corporation over a four-year period with no interest. Notice for the public hearing ran in the Sanford Herald on May 19, 2022. No one spoke in favor or against the proposed installment financing of the purchase. Chairman Smith closed the public hearing. N.C. Gen. Stat. _ 160A-20.PDF Final Installment Finance Agreement - Buggy Factory.DOC scan_wparrish_2022-05-24-10-59-21.pdf IV. PUBLIC COMMENTS V. OLD BUSINESS V.A Approve resolution and purchase of the Buggy Factory Building County Manager John Crumpton presented a Resolution approving the purchase of the Buggy Factory Building. The budget impact of the purchase is $5. 125 million. The Board has held a public hearing on the financing. Approval of the Resolution would be to move forward with the purchase on June 30th. The SAGA Board of Directors have voted and agreed to extend their lease. The City of Sanford will be discussing their lease at their meeting tomorrow night. Their lease is for a four-year period with options to renew year to year after that. County Attorney Whitney Parrish recommended voting on the Resolution on June 20th once the City has approved moving forward with a four-year lease agreement. The City has said they need additional space at City Hall and plan to expand their City Hall building to accomodate their growth. Their staff at the Buggy Factory may be planning to move to City Hall once the addition is built. The County is committed to continuing the one- stop shop at the Buggy Building. The hope is that there will be motivation in the future to continue with the one-stop shop with Planning and Community Development for the convenience of the community. Commissioner Reives said that he was unsure about supporting the purchase of the building if the City is not committed to continuing the one-stop shop downtown, saying the funds could be used to invest in building on other County-owned locations. Final Deed of Trust.DOC Final Installment Finance Agreement - Buggy Factory.DOC Approving Resolution-Buggy Factory 6.20.22.DOC Motion: Motion to table the Resolution approving the purchase of the Buggy Factory building until the June 20, 2022 meeting. Mover: Dr. Andre Knecht For: 7 - Arianna Lavallee, Dr. Andre Knecht, Robert Reives, Cameron Sharpe, Kirk Smith, Bill Carver, Mark Lovick Motion Result: Passed 4