Surplus Property Sale 1 North Orange Orange County Real Estate Management May 8, 2007

SALE OF 1 NORTH ORANGE Background Bids Recommendation Requested Action

SALE OF 1 NORTH ORANGE Background Bids Recommendation Requested Action

SALE OF 1 NORTH ORANGE Background Ten story, 46,771 square foot building, located at NE corner of Orange and Central Constructed in 1922 Purchased by Orange County in 1973 $521,300 Orange County vacated in 2000 Florida A & M Law School utilized from mid 2001 until early 2006 Board declared surplus in March 2006

SALE OF 1 NORTH ORANGE Background Building Conditions Does not meet ADA standards HVAC and mechanical systems outdated Roof repair and/or replacement needed Cost to bring the building up to county standards are in excess of $4,000,000 No parking

SALE OF 1 NORTH ORANGE Background Appraisals Two appraisals conducted in 2006  DeRango, Best & Assoc.: $6,260,000  The Spivey Group: $6,500,000

SALE OF 1 NORTH ORANGE Marketing Worked with CBRE to market and sell the property In accordance with FS Minimum bid of $6,000,000 Transaction fee of 5% (3% to seller broker, 2% buyer broker) CBRE offered property via: Advertisement in Loop Net, The Sentinel, and OBJ Mass to investors Direct calls to downtown investors Offering memorandum posted on CBRE website For sale sign posted on building

SALE OF 1 NORTH ORANGE Background Bids Recommendation Requested Action

SALE OF 1 NORTH ORANGE Bids Three bids, with required deposits, were received $6,000,000 from Trimurti Investments $6,005,000 from 1 North Orange Holdings (CNL) $6,500,000 from Cameron Kuhn

SALE OF 1 NORTH ORANGE Background Bids Recommendation Requested Action

SALE OF 1 NORTH ORANGE Recommendation The Real Estate Management Division recommends acceptance of the bid offering from Cameron Kuhn of $6,500,000. Orange County will net $6,243,250 allowing for the transaction fee.

SALE OF 1 NORTH ORANGE Background Bids Recommendation Requested Action

SALE OF 1 NORTH ORANGE Requested Action APPROVAL AND EXECUTION BY THE MAYOR OF CONTRACT FOR SALE AND PURCHASE, COUNTY DEED, AND AUTHORIZATION TO PERFORM ALL ACTIONS NECESSARY AND INCIDENTAL TO CLOSING FOR 1 NORTH ORANGE AVENUE.

Surplus Property Sale 1 North Orange Orange County Real Estate Management May 8, 2007