HomeMy WebLinkAboutResolutions - 1995.02.09 - 24443MISCELLANE= RESOLUTION #9500 February 9, 1995
BY: Planning & Building Committee, Charles E. Palmer, Chairperson
RE: FACILITIES MANAGEMENT - PROPOSED OFFER TO PURCHASE OAKLAND
POINTE OFFICE PARK I AND II TAX SIOWELL NUMBERS 14-30-251-001
AND 14-30-251-002 LOCATED IN THE CITY OF PONTIAC
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS on November 1, 1994, the Planning and Building
Committee authorized the Department of Facilities Management to
negotiate the possible purchase of Oakland Pointe Office Park I and
II, tax sidwell numbers 14-30-251-001 and 14-30-251-002, pursuant
to (Miscellaneous Resolution #91090) Board of Commissioners'
Procedure for Sale and Purchase; and
WHEREAS, Oakland Pointe Office Park I and II have been
appraised in the amounts of $3,930,000, $4,100,000 and $4,300,000;
and
WHEREAS, The Planning and Building Committee instructed the
Department of Facilities Management to submit an offer to purchase
which was not to exceed the mid-point of the two lowest appraisals
($4,015,000) for the acquisition of Oakland Pointe Office Park I
and II; and
WHEREAS, an Offer to Purchase in the amount of $3,800,000 was
submitted and accepted by the owners of the Oakland Pointe Office
Park I and II subject to the approval of the Oakland County Board
of Commissioners and contingent on a satisfactory and approved
Phase I Environmental Site Assessment; and
WHEREAS, the County Executive has reviewed and recommends the
purchase of Oakland Pointe Office Park I and II, tax sidwell
numbers 14-30-251-001 and 14-30-251-002, in the amount of
$3,800,000; and
WHEREAS, The 1995 Capital Improvement Program included
$6,440,000 for the acquisition and renovation of new office
buildings to provide office space for Friend of the Court and other
County operations; and
WHEREAS, a loan is requested from the Delinquent Tax Revolving
Fund (DTRF) in the amount of $6,440,000.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorize the purchase of Oakland Pointe Office Park
I and II in the amount of $3,800,000 from Riggs National Bank,
Washington, D.C., as trustee of the Multi-Employer Property Trust
(MEPT).
BE IT FURTHER RESOLVED that the Oakland County Board of
Commissioners authorizes its Chairperson to execute the necessary
documents to effect the same.
BE IT FURTHER RESOLVED that the Chairperson of the Board of
Commissioners is authorized to execute the attached Borrowing
Agreement in the amount of $6,440,000 with the County Treasurer as
the agent of the Delinquent Tax Revolving Fund.
Chairperson, on behalf of the Pla_nTling to4-al4ilding Committee,
move the adoption of the foregoiA re401u
PANNING & BUILDING COMMITTEE
REVOLVING FUND BORROWING AGREEMENT
WHEREAS the County of Oakland is desirous of borrowing monies from the Oakland County Delinquent
Tax Revolving Fund, and
WHEREAS the Delinquent Tax Revolving Fund Agent has determined sufficient monies are available
to loan to the County,
THEREFORE. in consideration of agreements setforth below it is hereby agreed by and between the
parties as follows:
The County will borrow the principal sum of $6,440,000 from the Delinquent Tax Revolving Fund to be
paid back in annual principal and interest payments not to exceed seven (7) years. Said payments shall
be deducted from the annual Revolving Fund distribution made to the County on or about June 1st of
each year. Interest on each payment will be based on the average monthly rate paid during the term
of the Fund for that year's outstanding borrowing: or in the event no borrowing occurs for the DTRF,
principal and interest payments will be made in accordance with the previously established "Loan of
County Funds Policy", (Misc. Resolution #89276). The schedule of principal payments will be:
Year Principa[
1 $920,000
2 920,000
3 920.000
4 920,000
5 920,000
6 920,000
7 920,000
Total $6,440,000
It is further agreed that the County may pay off the loan at any time plus accrued interest without
penalty_
Agent for Revolving Fund Chairperson
Board of Commissioners
E AND PERSONNEL COMMITTEE FINA
FISCAL NOTE (Misc. # 95030 ) February 9, 1995
BY: FINANCE AND PERSONNEL COMMITTEE, John P. McCulloch, Chairperson
IN RE: FACILITIES MANAGEMENT - PROPOSED OFFER TO PURCHASE OAKLAND
POINTE OFFICE PARK I AND II TAX SIDWELL NUMBERS 14-30-251-001 AND
14-30-251-002 LOCATED IN THE CITY OF PONTIAC
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of this Board, the Finance Committee has reviewed Miscellaneous
Resolution # 95030 and finds:
1) The resolution authorizes the purchase of Oakland Point Office Park I and ll from Riggs
National Bank, Washington, D.C., as trustee for the Multi-Employer Property Trust (MEPT)
for $3,800,000.
2) The 1995 Capital Improvement Program included $6,440,000 for the acquisition and
renovation of new office buildings to provide office space for Friend of the Court and other
County operations.
3) An advance in the amount of $6,440,000 is being requested from the Delinquent Tax
Revolving Fund. Interest on each payment will be based on the average monthly rate
paid during the term of the Fund for that year's outstanding borrowing; or in the event no
borrowing occurs for the DTRF, principal and interest payments will be made in
accordance with the previously established "Loan of County Funds Policy", (Misc.
Resolution #89276).
4) The County currently leases 33,200 square feet of space from Oakland Pointe Park at a
monthly cost of $52,598 through August 14, 1995. If negotiations are completed by March
14. 1995, five months rental ($262,991) shall be applied to the first payment. The
remaining portion of the 1995 payment shall be paid from the Facilities & Operations Fund
balance.
5) The 1996 budget will reflect increases in Building Space Rental for the appropriate
departmental budgets for the principal payment and in the non-departmental appropriation,
Building Fund (Account #4-10100-901-01-00-8410), for the interest portion. Therefore, no
additional funding is requested at this time.
In Testimony Whereof, I have hereunto set my hand and af,g4xed the seal o
County of Oakland at Pontiac, Michigan this 9th day of Wbivar
r..r.A.u., • pr.
Lynn. Allen, County Clerk
Resolution *495030 February 9 , 1995
Moved by Palmer supported by Kingzett the resolution be adopted.
DisCussion followed.
AYES: Holbert, Huntoon, Jacobs, Jensen, Kaczmar, Kingzett, Law, McCulloch,
McPherson, Moffitt, Obrecht, Palmer, Powers, Quarles, Schmid, Taub, Wolf, Amos,
Crake, Devine, Dingeldey, Douglas, Garfield. (23)
NAYS: Johnson. (1)
A sufficient majority having voted therefor, the resolution was adopted.
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12-Brooks Patter County Executive
OREGOINP. PESOLUTION
Date
STATE OF MICHI3AN)
COUNTY OF OAKLAND;
1, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of commissioners on February 9, 1995 with the original
record thereof now remaining 111 my office.