Public Hearing: YES ☐ NO ☒ Department: Executive Assistant - Chief Operating Office
SUBJECT:
Title
Commission District(s): All Districts
Acquisitions of 4380 Memorial Drive, Decatur, Georgia 30032 (Tax Parcel Nos. 15 251 01 021)
Body
Information Contact: Zachery L. Williams, Chief Operating Officer
Phone Number: 404-371-6994
PURPOSE:
To approve the acquisitions of 4380 Memorial Drive (Tax Parcels 15 251 01 021) and allocate $18,085,000.00 and associated costs to fund the acquisition of the property.
NEED/IMPACT:
The County will acquire this property which it has been leasing for government office space for 25 years.
FISCAL IMPACT:
$18,095,000.00 and associated costs such as due diligence and closing cost.
RECOMMENDATION:
Recommended Action
To approve (1) Acquisition of 4380 Memorial Drive, Decatur, Georgia 30032 for $18,095,000.00 and associated costs to fund the acquisition of the property, subject to completion of all due diligence; (2) Authorize the Chief Executive Officer to execute a Purchase & Sale Agreement in a form acceptable to the Interim County Attorney or his designee; (3) Authorize the payment of $540,000 earnest money that is non-refundable ($270,000 at signing of P&S Agreement and $270,000 after due diligence), and (4) Authorize the Chief Executive Officer to execute all necessary documents in connection with completing this real estate transaction.