09/14/2010 (2) - Laserfiche WebLink

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Sale Agreement with Michael and Sharon Loudermilk (the owners of the property at that time) for $400,000. Director Mora reported that Attorney Rich Stringer, representing the Loudermilks, had proposed an agreement (see pages 154 through 156 of backup) which staff did not bring forward since the Loudermilk property is not part of the County's "Super 8" priority road list. Outlining two alternatives for the Board, Director Mora concluded with staff s recommendation that the Board authorize staff to bid up to $175,000 on the subject property at an upcoming foreclosure sale. Commissioner Wheeler was opposed to establishing a set price before the bidding. Commissioner Davis supported moving this item forward by making an offer to the bank. Administrator Baird felt the best approach would be to have Attorney Polackwich, who has extensive banking experience, to begin negotiating with the bank for a short sale agreement. Attorney Rich Stringer, representing the Loudermilks, explained why he felt the property would be an important acquisition for the County, and encouraged the Board to present an offer to the bank, rather than bidding at the foreclosure sale. He observed that the Loudermilks would not be receiving revenue from the sale; however, the leaseback provision would give their two families time to secure new housing. A brief discussion ensued, with input from staff and Attorney Stringer, on the terms of the leaseback, with Chairman O'Bryan advocating further examination of the rental agreement. Further discussion arose, with input from Attorney Polackwich, about whether to set financial parameters for his negotiations with the bank. The Board CONSENSUS was to allow the County Attorney to have some flexibility during the negotiation process. MOTION WAS MADE by Commissioner Wheeler, SECONDED by Commissioner Flescher, to authorize the 16 September 14, 2010