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Purchase Option Agreement Authorized Related to Real Estate

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Purchase Option Agreement Authorized Related to Real Estate

Thursday, November 8, 2018

Following an executive session, the Legislature by unanimous vote authorized County Administrator Jason Molino to enter into an Option Agreement for Purchase of Real Property for four adjoining parcels, located at 408 and 412-414 N. Tioga Street, and 117 and 119 Sears Street in the City of Ithaca, owned by Dental Properties Company, LLC.  The Option to Purchase is not to exceed $1.8 million, of which $25,000 of the purchase price will be given as a non-refundable payment for the exclusive Option Agreement.  The resolution also appropriates $62,000 from the Contingent Fund to support professional services and land acquisition costs, as needed. 

The measure notes that the County has been reviewing office space needs for many years, including the Center of Government Business Case Analysis completed in 2011, that there are many County offices in scattered rented spaces from private landlords, with other County offices are in older buildings nearing the end of their period of probable usefulness, and that the potential site offers the opportunity to co-locate County departments in the downtown business core adjacent to other County departments.  It notes that a purchase option will provide the County with the necessary time to review feasibility of the site to determine if purchase would be in the County’s best interest.

The resolution indicates that County Administration shall take all necessary steps to ensure the property suitable for County space needs by performing the necessary space, environmental, and geotechnical studies within the four-month exclusive option period and that, should the County Administrator conclude that the property is suitable, a resolution will be brought forth to the Legislature to purchase the property.