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Fr- <br />JUN - .4 <br />TO: Members of the Board of County Commissioners <br />DATE: May 28, 1991 <br />SUBJECT: State Revenue Sharing Application For Fiscal <br />Year 1991-92 <br />FROM: Richard E. Watkins, Finance Director <br />The attached State Revenue Sharing Application for Fiscal Year <br />1991-92 needs the signature of the Chairman of the Board of <br />County Commissioners. <br />Recommend the Board of County Commissioners approve the <br />submission of this application to the State Department of <br />Revenue. <br />ON MOTION by Commissioner Scurlock, SECONDED by <br />Commissioner Wheeler, the Board unanimously approved <br />the State Revenue Sharing Application for Fiscal <br />Year 1991-1992, and authorized submission to the <br />State Department of Revenue, as recommended by <br />staff. <br />B. Tax Free Exchange of Property <br />The Board reviewed memo from Assistant County Attorney Terry <br />O'Brien dated May 23, 1991: <br />TO: Board of County Commissioners <br />FROM: Terrence P. O'Brien - Assistant County Attornef:::W6_ <br />DATE: May 23, 1991 <br />RE: TAX FREE EXCHANGE OF PROPERTY <br />Under the Courthouse Land Acquisition Program we have acquired <br />property from William C. Harshbarger. As part of the contract for <br />sale we agreed to participate in a tax free exchange, commonly <br />referred to as a 1031 exchange (this refers to section 1031 of the <br />Internal Revenue Code) . This is not necessary to effect a tax <br />deferral because the property was sold under threat of condemnation <br />and, therefore, subject to Section 1033, Internal Revenue Code, <br />which allows a tax deferral much like the residential roll-over rule. <br />Nonetheless, the County agreed to participate and Mr. Harshbarger <br />has pursued this course of action rather than the more flexible <br />approach of -1033. Therefore, it is requested that the Chairman be <br />authorized to execute the attached Contract for Sale and Purchase. <br />Title will not vest in the County, the County is a mere conduit and <br />has no liability whatsoever in this matter. <br />ON MOTION by Commissioner Scurlock, SECONDED by <br />Commissioner Wheeler, the Board unanimously approved <br />the Contract for Sale and Purchase with Addendum for <br />this exchange of property, and authorized the <br />Chairman's signature, as recommended by staff. <br />E <br />