HomeMy WebLinkAboutAgenda - 01-22-2009 - 4r ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: January 22, 2009
Action Agenc(a
Item No. 1-{-('
SUBJECT: Exercise of Option to Purchase Gateway Building Unit 200 and Unit 300
DEPARTMENT: Purchasing PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
Pam Jones, 919-245-2652
Geof Gledhill, 919-732-2196
PURPOSE: To exercise the Option to Purchase Units 200 and 300 in the Gateway Center as
provided in a lease which commenced on February 19, 2008.
BACKGROUND: In November 2006 the Board approved the downtown Hillsborough county
"campus" project, which includes an office building and library building, to be owned by the
County. The "campus" also includes condominium units (Unit 200 and Unit 300) comprising the
second and third floors of the Gateway Center. The County leased Unit 200 and Unit 300 for
one year plus one day beginning on February 19, 2008. The action requested will authorize the
staff to move forward to close the purchase of the property effective February 20, 2009 at the
purchase price of$5,490,449.
Offices for the Register of Deeds, Tax Assessor/Land Records and the Revenue Department
occupy the space.
FINANCIAL IMPACT: The cost of this property is $5,490,449, as quoted in all previous
abstracts concerning the County campus project. Further, the debt for the County campus
project, of which this is a component, has been included in debt service projections presented to
the Board over the past year. Specific plans for financing this and other upcoming obligations
are addressed in a separate agenda item being brought forward by the Financial Services
Director.
RECOMMENDATION(S): The Manager recommends the Board exercise the Option to
Purchase Units 200 and 300 at the Gateway Center; direct staff and the County Attorney to
develop the necessary documents to move forward with closing the purchase; and authorize the
County Attorney, the Financial Services Director and the Chair to execute documents as may be
needed to effect the closing.