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COUNTY'S EXCHANGE OF PROPERTIES WITH_CIBA-GEIGY CORPORATION <br />(KIWANIS-HOBART PARK) <br />The Board reviewed the following memo dated 4/16/90: <br />TO: oar o oun y ommissioners DATE: AprilFILE: <br />SUBJECT: <br />James E. Chandler <br />FRO -County Administrator REFERENCES: <br />The CIBA Geigy Corporation has approved an exchange of their 40 acres on <br />the east side of Kings Highway for the properties under County option west <br />of`,the highway. As you are aware, the intent of the exchange is to square <br />off the Hobart Park area for future open space needs. <br />The option price for the approximate 37.18 acres is $546,000 or $14,685 per <br />acre. The County appraisal reflected a value of $14,000 per acre. Funding <br />for the acquisition would be MSTU cash forward. <br />As provided in the option agreement, closing must be on or before April 25, <br />1990. It is recommended that the Commission authorize closing on the <br />properties covered by the option agreement and approve the exchange with <br />CIBA Geigy. <br />JEC/mg <br />xc: Charles Vitunac <br />Joe Baird <br />APPROVED AGENDA ITEM <br />FOR q-1-7 —W <br />BY fes_ <br />BOOK 19 F�!Gc <br />APR 17 1990 17 a <br />