2/27/1985 - Laserfiche WebLink

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FEB 2 7 1985 . BOOK 00 PnE 12 Schlitt each represent 1/2 of the divided interests in the property. The purchase price of the building is $1,350,000 and the contract, as currently written, provides that the County is to pay $400,000 at closing and has the option of either assuming a mortgage held by 1st Bankers at 7h% or taking out a mortgage at that time with the County giving the seller a promissory note at closing with the remainder of payment due within 120 days of closing. Attorney Brandenburg explained that the purpose of the 120 -day period is to allow the County to produce a revenue bond issue that will be used to finance the purchase of this building and possibly some other capital improvements that the County has in mind. He noted two special conditions in the contract: 1) An MAI appraisal is to be made, and if the appraisal does not come in at an amount at least equal to the purchase price, the County would have the option of canceling the contract. 2) The County is to hire a structural engineer to review the building to determine if there are any major structural faults. Attorney Brandenburg understood, however, that this has already occurred and that General Services Director Sonny Dean is in a position to indicate to the Board that there are no major structural faults in the building. The second special condition, therefore, could be deleted from the contract if desired. Attorney Brandenburg advised that one of the trusts have asked whether they would be entitled to interest on the remaining balance of the purchase price for which they have agreed to take a note for 120 days. In addition, the trustees are concerned about signing the contract with today's date with the special condition allowing the County an out if the appraisal comes in lower than the purchase price. The County Attorney recommended that after the 12