Title
Receive a request from the Board of Education for approval of the purchase price of the high school sites.
Abstract
Introduction & Background:
NC General Statute 115C-426(f) requires that the board of education receive board of commissioners’ approval on the purchase price of property.
The Board of Education has gone through an extensive process to identify and select a suitable site for the new high school.
The Board of Education has selected property on Seaforth Road near the intersection of U.S. 64. A plat of the property is attached.
To date, the Board of Education has conducted the following due diligence on the site:
• Boundary surveys and easements : Complete
• Phase I environmental study: Complete
• Preliminary wetlands study and geotech evaluation: Complete
• Preliminary review with Chatham County (stormwater, zoning, planning, etc .): Complete
• Preliminary off-site NCDOT review: Complete
• Army Corp of Engineers review: Complete
• Wastewater options (on or off site system): Still in review
In addition, preliminary approval for two points of access to Seaforth Road from the Army Corps of Engineers has been received.
The closing date has been set for January 6, 2017.
Discussion & Analysis:
The board of education is requesting approval of the purchase price for the following property:
• Parcel # 63027 (53.41 acres): Owned by Curtis and Doris Clark; $18,498.41 per acre; total cost $988,000.08 plus closing costs
• Parcel # 65726 (10.98 acres) and Parcel # 65700 (11.108 acres): Owned by David and Karen Jessee; $18,498.41 per acre; total cost $408,592.88 plus closing costs
• Total acreage: 75.498
• Total Cost: $1,396,592.96 plus closing costs
Budgetary Impact:
The recommended 2018-2024 CIP includes $1,263,973 for land for the new high school. The purchase price exceeds this amount by $132,619.96. This additional cost should have minimal effect on the debt model, as it will be amortized over 20 years.
Recommendation: Approve the purchase price for parcels 63027, 65726, and 65700 in the amount of $1,396,592.96 plus closing costs.