Title
Discussion and vote of offer to purchase Central Carolina Business Park Campus
Abstract
Action Requested:
Consider the offer to purchase 188 acres submitted to the County by 130 of Chatham and make a determination regarding the sale.
Introduction & Background: Chatham County purchased approximately 500 acres of land at US 64 and US 421 in Siler City in 2005 and developed it as Central Carolina Business Campus. Current occupants include Chatham Hospital and an ancillary medical office, a dialysis center, Central Carolina Community College, and the Chatham Youth Development Center, a state facility.
130 of Chatham, LLC has submitted an offer to purchase approximately 188 acres shown in Exhibit A as lots 1, 2 ,3, 4, 5, and 10 and the portion of the Common Area east of Progress Boulevard. The map is provided for illustrative purposes; the property has not been subdivided into lots.
Discussion & Analysis: The proposed purchase price is $6,000 per acre or $1,128,000.00. An appraisal completed last December valued the business campus property at $6,000 per buildable acre. Of the 188 acres, approximately 78 acres - or41 percent - is deemed buildable.
Should the county accept the offer, approximately 199 acres - 134 acres of which is buildable - will remain for future development within the park.
The buyer’s primary interest is in protecting the land along the Rocky River. Should the buyer seek to subdivide the property in the future, any use would be subject to the restrictive covenants for the business campus, which include the provision that uses are limited to “business operations and use allowed by applicable zoning and other land use regulations...”
If the offer is approved by the Board, it will trigger a 10-day upset bid period. Following that, Chatham Hospital (per the restrictive covenants) will have a 60-day period to exercise its right of first refusal.
Budgetary Impact: The sale would net $1,128,000.00.
Recommendation: Make a determination regarding the offer to purchase; if approved, adopt the resolution to sell, approve the proposed contract, and the notice of sale to be advertised in the local newspaper.