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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />G--0 <br /> <br />Meeting Date 9/25/06 <br /> <br />SUBJECT: <br />Fifth Amendment to Purchase and Sale Agreement with Allen Craven, LLC for the <br />Purchase of the former Cabarrus Bank/First Union Building <br /> <br />BRIEF SUMMARY: <br /> <br />Upon completion of an upset bid process for the sale of the former Cabarrus Bank/First <br />Union Building in August 2005, the Board entered into a Purchase and Sale Agreement <br />with Allen Craven LLC on August 15, 2005. In order for Mr. Craven to complete his work <br />necessary to conclude the transaction, a Fifth Amendment to the Purchase and Sale <br />Agreement has been requested. This Amendment would extend the Due Diligence Date <br />510 days and the Closing Date 540 days from the Effective Date of the Agreement. <br /> <br />REQUESTED ACTION: (Sugge$ted motion if the BoatrI approves the agenda Item as presented) <br />Approve the Fifth Amendment to the Purchase and Sale Agreement by and between <br />Cabarrus County and Allen Craven, LLC, and authorize the County Manager to execute <br />the Amendment, subject to review by the County Attorney. <br /> <br />Attachments Ig] Yes 0 No Expected Length of Presentation <br /> <br />Submitted By: John Day, County Manager Date: 9/21/06 <br />Name I Job Title <br /> <br />Budget Amendment Required: 0 Yes Ig] No <br />Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes 0 No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Allen Craven LLC is still negotiating with Wachovia on a number of issues. Progress is <br />being made and I recommend approval of this amendment to extend the due diligence <br />period. <br /> <br />Manager's Signature <br /> <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />G-0 <br />