Title
Receive and consider:
a. Schilling Facility Acquisition Due Diligence Report;
b. Adoption of a Resolution approving the Purchase and Sale Agreement, and Lease Termination and Release for acquiring 1441, 1488, and 1494 Schilling Place, and authorizing their execution;
c. Adoption of a Resolution approving one of three financing options for funding the PSA to acquire 1441, 1488 and 1494 Schilling Place; and
d. Authorization for the Auditor-Controller to execute the Board approved financing option, including any Loan Agreements, and transfer approved funds to an Escrow account for the purchase of 1441, 1488, and 1494 Schilling Place. (REVISED RESOLUTION SUBMITTED VIA SUPPLEMENTAL)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive and consider:
a. Schilling Facility Acquisition Due Diligence Report;
b. Adoption of a Resolution approving the Purchase and Sale Agreement (PSA), and Lease Termination and Release (LTR) for acquiring 1441, 1488, and 1494 Schilling Place, and authorizing their execution;
c. Adoption of a Resolution approving one of three financing options for funding the PSA to acquire 1441, 1488 and 1494 Schilling Place; and
d. Authorization for the Auditor-Controller to execute the Board approved financing option, including any Loan Agreements, and transfer approved funds to an Escrow account for the purchase of 1441, 1488, and 1494 Schilling Place.
SUMMARY/DISCUSSION:
In March 2014, County staff became aware that a large office and warehouse complex located on Schilling Place in south Salinas was for sale. This facility, commonly known as Capital One, sat on 24 acres and contained about 300,000 square feet along with about 1,200 parking spaces. It had been sitting vacant for at least a year after Capital One moved its operations.
Given the County space needs, this facility offered the opportunity to satisfy a number of needs and a greatly reduced cost. Therefore, negotiations were ...
Click here for full text