6-20-22 BOC Regular Meeting - Laserfiche WebLink

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VI. OLD BUSINESS VI.A Approve resolution and purchase of the Buggy Factory Building County Attorney Whitney Parrish provided a summary of the purchase. The property is located at 115 Chatham Street, Sanford, North Carolina. The purchase price for the property is $5,125,000. The County proposes to pay a down payment of $1,500,000 and to pay the remaining amount through an installment financing agreement with the current owner, Progressive Development Corporation. A public hearing was held on June 6, 2022, which was advertised in the Sanford Herald on May 19th. NCGS 160A-20 allows for local governments to purchase real property by an installment contract that create some or all of the property purchased a security interest to secure the payment of the purchase price to the seller or to an individual advancing money. Lee County Government is planning to purchase the building from Progressive Development Corporation. Commissioner Reives asked for the record to show that he would prefer the County invest funds in property the County already owns. Final Deed of Trust.DOC Final Installment Finance Agreement - Buggy Factory.DOC Approving_Resolution-Buggy_Factory_6.20.22 - JG.DOC Purchase Agreement for Buggy Factory Building.pdf Amortization Calculator.pdf 6.15.22 Interlocal-City of Sanford.docx 6.15.22 Draft Lease-City of Sanford.docx Motion: Motion to approve the Resolution and purchase of the Buggy Factory Building, setting the closing date June 30th subject to the City of Sanford entering the lease agreement at their meeting on the 21st. Mover: Cameron Sharpe For: 6 - Arianna Lavallee, Dr. Andre Knecht, Cameron Sharpe, Kirk Smith, Bill Carver, Mark Lovick Against: 1 - Robert Reives Motion Result: Passed VI.B Approve leases with the City of Sanford and Sanford Area Growth Alliance for lease of space at the Buggy Factory Building and authorize the County Manager to sign any lease for one year or less in duration County Attorney Whitney Parrish provided a summary of the requirements for the County to enter a lease. Pursuant to NCGS 160A-272, a county can lease property that the county determines it will not need for the term of the lease for any property less than 10 years. Property that is to be leased must be adopted by a resolution authorizing the lease at a regular board meeting upon 30 days public notice. The notice must be made by publication and must describe the property to be leased or rented, state the annual rental or lease payment and announce the county's intent to authorize the lease at its regular meeting. The County ran a notice of its intent to lease space at the Buggy Factory to both the City of Sanford and the Sanford Area Growth Alliance (SAGA) on May 19, 2022. The first lease is for SAGA for 10 years and the lease with the City of Sanford is for four years. The County Attorney requested that the County Manager be authorized to enter any leases for a year or 4