Property Appraiser and Tax Collector Office Space Update July 8, 2014

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Background March 25, 2014 Updated Board Presented Construction Options Presented Lease Options Presented Purchase Option Board Direction to Pursue Purchase

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$11.3M

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$11.3M

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Purchase Negotiations Reviewed documents presented by the owner regarding condition of buildings Report showed roof was in fair condition and only minor repairs needed ($2,500) Report Showed 40% remaining life for HVAC systems Negotiated a Price for the buildings

Purchase Negotiations Owner agreed to build out space to our specification up to $1.0M (paid by County) Complete build out by early December 2014

Purchase Negotiations Purchase contract contained provisions for us to perform due diligence inspections prior to any construction beginning Roof Inspection HVAC Inspections Electrical Inspections Plumbing Inspections Building Envelope Inspections Environmental Inspections Code and ADA Compliance

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Due Diligence Results Our due diligence showed: Roofs at end of useful life and need immediate replacement HVAC systems at end of useful life and need immediate replacement (including duct work) Bathrooms do not meet current code ADA access issues with the buildings

Due Diligence Results Our due diligence showed: Fire sprinkler system in one building does not meet current code Exterior of buildings shows signs of deterioration and not draining properly Not enough weep holes or they are clogged Evidence of water damage on interior walls and ceilings

Due Diligence Results Our due diligence showed: Cost to cure these issues estimated to be between: $3.8M and $4.7M This does not include the build out of office space nor the additional time it will take to complete the work

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$11.3M

Summary of Options Build OptionsCost West Colonial Drive (tilt wall)$22.0M Includes cost of SunTrust renewal Lease Options (ten year) SunTrust (49,307 SF)$13.5M Maguire (72,167 SF)$14.6M Purchase Option 3660 and 3670 Maguire$15.1M to $16.0M

Due Diligence Results Based on this information we could not recommend the purchase of these buildings

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Discussions with Owner We were contacted by UP Development At their cost they agreed to: Replace both roofs Replace both HVAC systems including duct work Repair building envelope issues Repair/Replace other issues Have us moved in by December

Discussions with SunTrust Signed Letter of Intent June 30 th Received proposal yesterday Five year term Tenant Improvement allowance $15/SF 5 months free rent $25.00/SF Subject to Board Approval

Background Summary of Options Purchase Negotiations Due Diligence Results Discussions with Owner Next Steps Presentation Outline

Next Steps Authorize the Mayor or her designee to negotiate and execute the reinstatement of the contract to include the necessary amendments to require the seller to make all necessary repairs as outlined in this presentation and authorization to perform all actions necessary and incidental to closing

Property Appraiser and Tax Collector Office Space Update July 8, 2014

Property Search Timeline September 2012 Candidate Singh expressed to Board the need to move from SunTrust November 2012 Mr. Singh reiterated above We looked for properties Looked at 26 different properties Identifies four possible options

Property Search Timeline November 19, 2013 Updated Board on four options Mr. Randolph presented possible lease of one of the Maguire Bldgs. Board directed further investigation of purchase Option #1 (Technology) February 25, 2014 Updated Board indicating Option #1 no longer available Board directed us to continue to look for purchase option

Property Search Timeline March 25, 2014 Presented Maguire Option to purchase both buildings May 7, 2014 Contract signed to purchase Maguire buildings July 2, 2014 Termination of Contract Notice sent to owner after due diligence completed

Property Search Timeline July 7, 2014 Meet with owner of Maguire Buildings He agreed to pay for HVAC replacement for both buildings including duct work Replace both roofs Repair the building envelope to eliminate water intrusion Repair areas of water intrusion damage Complete build out and move by December 2014 July 8, 2014 Board Presentation