11/18/1997 - Laserfiche WebLink

Home Browse Search

BOOK 103 PAGE 4 7 7.K. Irwin Property - LAAC Purchase -Amendment to Option Agreement The Board reviewed a Memorandum dated November 10, 1997: TO: Board of County Commissioners FROM: Terrence P. O'Brien, Assistant County Attorney DATE: November 10, 1997 SUBJECT: IRWIN LAAC PURCHASE The Board of County Commissioners at its regular meeting of October 14, 1997 approved unanimously the exercise of the purchase option with a contingency of state participation at 75% of the purchase price. This was not a perfected exercise of the option because of the contingency. Therefore it was necessary to obtain from the owners (Irwin) an extension of the option. Irwin has executed an extension until February 27, 1998; however, two conditions were added. They are as follows: 1) The County pay the documentary stamps. This is a permitted practice under AGO 92-7 when it serves a county purpose. In this case it keeps the option alive on a very valuable environmentally sensitive piece of land which certainly serves a county purpose. The documentary stamps fee is approximately $18,000 which is paid to the Clerk of the Court. 2) The payment of taxes after January 1, 1998 is reasonable. Irwin and staff anticipated a closing of January 2, 1998 for Irwin's tax purposes. The delay beyond this date is not the fault of the seller Irwin. This would require the County to pay the Tax Collector a sum of approximately $2500 a month until closing. Inasmuch as the Board of County Commissioners did not meet on November 11, 1997 and the next meeting was November 18, 1997, the Chairman signed on behalf of the Commission. This kept the option alive but allows the Commission to, in effect, set aside the Chairman's action if it does not agree with the two additions. It is recommended that the County ratify the action of the Chairman, approve the two additions and find that this serves a County purpose. TPO/sw 30 NOVEMBER 18, 1997