HomeMy WebLinkAboutRES-2012-054 Resolution Authorizing Exchange of Property - Eno River Parking DeckS-/-/
Resolution 2012 -0222' D A Ai - j v / 2
ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION
AUTHORIZING EXCHANGE OF PROPERTY
WHEREAS, Eno River Parking Deck, LLC owns a multi -level parking facility ( "Parking Deck ") (PIN
9874052667) on Nash and Kollock Street, Hillsborough, North Carolina; and
WHEREAS, Orange County leases approximately 200 parking spaces ( "Leased Spaces ") in the Parking Deck;
and
WHEREAS, Orange County and Eno River Parking Deck, LLC (the "Parties ") are currently engaged in
litigation regarding the Leased Spaces; and
WHEREAS, the Parties have reached a mediated settlement agreement whereby they will exchange certain
properties which shall result in a termination of the Lessor Lessee relationship and a dismissal of the litigation;
and
WHEREAS, the Parking Deck property has a stated value of $2,900,000, recognized as such for purposes of the
negotiated settlement only, and the Orange County -owned property located at 112 North Churton Street (PIN
9874066435) has an assessed valuation of $450,000 and the Orange County -owned property located at 118
North Churton Street (PIN 9874065497) has an assessed valuation of $130,000; and
WHEREAS, the Parties desire to transfer the Parking Deck property to Orange County and to transfer both of
the properties at 112 and 118 North Churton Street plus one million dollars ($1,000,000) to Eno River Parking
Deck, LLC; and
WHEREAS, North Carolina General Statute §160A-271 authorizes the County to exchange county -owned
property upon authorization by resolution of the Board of County Commissioners of Orange County adopted at
a regular meeting after at least ten (10) days' public notice; and
WHEREAS, the County has given the required public notice, and the Board has considered the matter at a
regular meeting.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Exchange of properties described above is authorized.
2. The appropriate county officials are directed to execute the instruments necessary to carry out the
exchange.
This the 5t' day of June 2012.
Bernadette Pelissier, Chair
Orange County Board of Commissioners
Attest:
Clerk to the Board of Commissioners