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April 16, 2003
Purchase funded with general obligation bonds at 3.19% rate, refinances incinerator debt at 2% SKAGIT COUNTY - The Board of Skagit County Commissioners voted unanimously to approve a purchase and sales agreement to buy a building at 1800 Continental Place, Mount Vernon, currently owned by Dan Mitzel and John and Shannon Ellis, at their regular meeting, Monday, April 14. The 25,340 square foot building, with 128 parking spaces will provide office space for several Skagit County departments, including Public Works and Planning & Permit Center. The purchase will be funded by the issuance of general obligation bonds negotiated yesterday at a rate of 3.19%. "We are very pleased with this low rate. We were also able to consolidate debt for Skagit County Solid Waste at an effective rate of 2%. This represents a savings to the taxpayers of Skagit County of $210,000," said Brad Whaley, Skagit County Budget Director. The proposed purchase price of the building is $2,900,000 contingent upon receiving a minimum bid on Skagit County's property at 1111 and 1129 Cleveland Avenue of $1,350,000. Public Works is currently housed at this address. The Commissioners also signed a resolution to call for a public hearing to consider the disposal of these two properties. Total cash outlay to Skagit County for the purchase is estimated at $1,550,000 plus tenant improvements. Comparison of costs to build a new facility and parking of comparable size and quality are estimated at $5,000,000, according to Skagit County Facility Management Director Roger Howard. By purchasing this property the County will significantly reduce General Fund expense by minimizing leased office space and providing long-term taxpayer value via property purchase and capital appreciation. Additional advantages of the proposed new building are improved flood plain elevation and location of critical County departments and improved parking for employees and the public. Relocating several departments out of downtown Mount Vernon will reduce parking needs on the County campus, which will relieve demand on downtown merchant parking. Moving Public Works and Planning and Permit Center will free up additional space for Youth and Family Service, the Sheriff's Department and the Coroner and alleviate crowding, said Howard.
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