1. Property Appraiser and Tax Collector Office Space Search Update Real Estate Management November 19, 2013

2. Background Property Search Options Next Steps

3. Background Last November questions were raised about the suitability of the SunTrust building to house the Property Appraiser and Tax Collector – location, ease of access, parking, and cost. Board asked us to look into finding a more suitable property for them

4. Background BCC currently leases 49,307 SF of Class A office space at SunTrust Center Property Appraiser = 31,064 Tax Collector = 18,243 Lease expires December 2014 Current Cost $1.2 M/Year Anticipated Cost$1.4 M/Year

5. Background The Property Appraiser and Tax Collector sent letters to the Mayor specifying the following criteria regarding suitable alternative office space. Property Appraiser Easy and accessible customer service Customer and employee parking Accessibility Central location within County Seat Tax Collector Easy Access Adequate Parking Accessibility Convenient location near Property Appraiser Data Requirements

6. CBRE and REM have conducted a search of available properties for purchase over the last year. Utilized criteria provided by the PA and TC which did not include requests for additional space beyond the current 49,307 SF. Identified approximately 26 properties. Narrowed the list to 4 options based on location, price, size, parking and improvement costs. Property Search

7. Option 1 2611 and 2600 Technology

8. OPTION 1 2611 and 2600 Technology Dr 2611 Technology Drive2600 Technology Drive 30,602 SF of space62,300 SF of space 150 parking spaces250 parking spaces Total Purchase Price-$9.37m Total Build Out Cost-$5.2m Overall Cost $14.5M ($156/SF)

9. Option 1 PROS & CONS PROS Provides needed SF Ample Parking Central location Cost Campus Setting Tenant Income Bus Stop -.2 mile/Sidewalks CONS Existing tenants (2021) in 20,000 S.F. Competing with another Buyer for the 2611 site

10. Option 2 815 Herndon Avenue

11. 62,517 SF of space 270 Parking spaces Purchase price-$7.0M (asking) Build out-$6.3M Total Cost-$13.3M Overall Cost $13.3M ($212/SF) Option 2 815 Herndon Avenue

12. Option 2 PROS & CONS PROS One campus No tenant logistics Adequate parking Central location CONS Extensive renovation costs

13. Option 3 320 South Street and 501 N Orange

14. OPTION 3 320 South St. and 501 N Orange 320 South Street 31,454 SF of space 94 parking spaces Total Purchase Price-$8.35M Total Build Out Cost-$3.15M 501 N Orange Ave 20,306 SF of space 61 parking spaces Overall Cost $11.5M ($222/SF)

15. Option 3 PROS & CONS PROS Proximity of buildings No tenant logistics CONS Doesn’t meet space needs Inadequate parking No expansion opportunity

16. Option 4 250 N. Orange Avenue

17. OPTION 4 250 N Orange Ave (Southern Bank) 128,791 SF of space Minimal on site parking spaces Purchase Price-$10M (not listed for sale) Build out-$3.2M Total Cost-$13.2m Overall Cost $13.2M ($102/SF)

18. Option 4 PROS & CONS PROS Single location Cost per SF Overall size CONS Small floor plates Inadequate parking Tenant logistics Building condition

19. Summary of Options Total SizeTotal CostCost/SF Option 192,900 SF$14.5m$156 Option 262,517 SF$13.3m$212 Option 351,760 SF$11.5m$222 Option 4128,791 SF$13.2m$102

20. Summary of Options Surface Parking Access/Bus Size Central Location One Campus Option 1 yes yes exceeds yes yes Option 2 yes yes meets yes yes Option 3 limited yes limited yes no Option 4 limited yes exceeds yes yes

21. Properties Considered

22. Other Options/Next Steps Continue to look for other buildings for sale Look for lease opportunities Discuss short term (1 to 3 Year) renewal Investigate costs of land purchase and build Continue to explore all options Return to Board with recommendation

23. Property Appraiser and Tax Collector Office Space Search Update Real Estate Management November 19, 2013