File #: RES 14-080    Name: Receive Schilling Place Due Dilligence Report and Consider Acquisition
Type: BoS Resolution Status: Passed
File created: 8/16/2014 In control: Board of Supervisors
On agenda: 8/26/2014 Final action: 8/26/2014
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)
Sponsors: Public Works / RMA, Resource Management Agency
Attachments: 1. Resolution Approve Agreement to Purchase Schilling Place, 2. Revised Res Approve Agreement to Purchase Schilling Place, 3. Attachment 1 Form of PSA- Schill Place LGdsl, 4. Attachment 2 Form of Lease Termination and Release, 5. Attachment 3 Form of Res and Agrmt-LGdsl, 6. Schilling Facility Due Diligence Report, 7. EXHIBIT 1, 8. EXHIBIT 1A, 9. EXHIBIT 2, 10. EXHIBIT 3, 11. Exhibit 4, 12. EXHIBIT 5, 13. EXHIBIT 6, 14. EXHIBIT 7, 15. EXHIBIT 8, 16. EXHIBIT 9, 17. EXHIBIT 10, 18. EXHIBIT 11, 19. EXHIBIT 12, 20. EXHIBIT 13, 21. EXHIBIT 14, 22. EXHIBIT 15, 23. Completed Board Order & Resolutions, 24. Fully Executed Agreement between County of Monterey and Schilling Property QC, LLC
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