title
Commissioner Philbeck - County Attorney - To Approve a Purchase Agreement with Gaston 232, LLC, for the Purchase of a Portion of the Proposed Apple Creek Industrial Site (180) Acres for $3,604,000 and to AMEND the Closing Date in the Purchase Agreement to reflect On or Before July 15, 2018
body
STAFF CONTACT
Charles Moore - County Attorney
BUDGET IMPACT
budget
The purchase agreement will use $100,000.00 in the FY 2018 budget as earnest money to allow for a due diligence period to review the property. The FY 2019 budget will be impacted by the additional $3,504,000 purchase price, which will be financed with the rest of the parcels and developmental costs. The County intends to obtain financing for the purchase, so the actual budget impact will be the amount of debt service on the anticipated debt.
body
BUDGET ORDINANCE IMPACT
The action taken will use $100,000 from the Land Purchase and Development Account within the capital fund (040-07-4920-4920-540004-18120). The county will also be committing to fund the remainder of the project in FY 19. The project will cost around $14.5 million which will be funded by using debt service. The estimated debt service payments of roughly $1.3 million for 15 years will be funded by sales tax revenue that is dedicated to economic development. This action will pledge the entirety of the sales tax revenue dedicated for economic development for the duration of the debt payments
BACKGROUND
The County intends to obtain several tracts to extend the Gastonia Technology Park west of Dallas-Bessemer City road.
POLICY IMPACT
N/A
ATTACHMENTS
Purchase Agreement