Wing Washington County Purchase of the Crossroads Center 1781 Residents of Washington County, Washington County's administrative offices are located at Courthouse Square building that was built in the 1970's. Over the past 8 years, the building has sustained structural damages due to severe water infiltration and pyrite ex- pansion. A Property Condition Assessment was conducted and found the need for im- mediate repairs of our garage totaling $10.9 million dollars. In addition, over the next two years, S2.2 million dollars will be required for repairs to our office spaces, totaling $13.1 million dollars. In response, the County Commissioners hired Jones Lang Lasalle (JLL) as their real estate advisor to prepare a cost benefit analysis. This cost benefit analysis, compared the purchase of the Crossroads Center building to the repairs of our existing structure and found the best financial decision for county tax payers was to purchase the Crossroads Center for $10 million dollars. The cost benefit analysis was conducted by Jones Lang Lasalle (JLL), the County's real estate advisor. The property condition assessment was completed by Dawood Engineering. Remain in Courthouse Square Building Appraised Value $3,900,000 Expense Considerations: Immediate Garage Repairs $10,903,000 Purchase Crossroads Center Income & Expense Considerations: Building Purchase S10,000,000 Moving Costs & Demolition of Courthouse Square Short-Term Repairs $2,182,000 $2,470,000 Ongoing Capital Repairs $175,000 Income from Current Tenants(-) $5,340,000 Ongoing Operating Expenses $2,428,000 Ongoing Operating Expenses $4,203,000 Total Cost Over 5 Years: $15,688,000 Total Cost Over 5 Years: $11,333,000 Economic Benefit of Purchasing Crossroads Center: $4,360,000 Wing Washington County Purchase of the Crossroads Center 1781 Residents of Washington County, Washington County's administrative offices are located at Courthouse Square building that was built in the 1970's. Over the past 8 years, the building has sustained structural damages due to severe water infiltration and pyrite ex- pansion. A Property Condition Assessment was conducted and found the need for im- mediate repairs of our garage totaling $10.9 million dollars. In addition, over the next two years, S2.2 million dollars will be required for repairs to our office spaces, totaling $13.1 million dollars. In response, the County Commissioners hired Jones Lang Lasalle (JLL) as their real estate advisor to prepare a cost benefit analysis. This cost benefit analysis, compared the purchase of the Crossroads Center building to the repairs of our existing structure and found the best financial decision for county tax payers was to purchase the Crossroads Center for $10 million dollars. The cost benefit analysis was conducted by Jones Lang Lasalle (JLL), the County's real estate advisor. The property condition assessment was completed by Dawood Engineering. Remain in Courthouse Square Building Appraised Value $3,900,000 Expense Considerations: Immediate Garage Repairs $10,903,000 Purchase Crossroads Center Income & Expense Considerations: Building Purchase S10,000,000 Moving Costs & Demolition of Courthouse Square Short-Term Repairs $2,182,000 $2,470,000 Ongoing Capital Repairs $175,000 Income from Current Tenants(-) $5,340,000 Ongoing Operating Expenses $2,428,000 Ongoing Operating Expenses $4,203,000 Total Cost Over 5 Years: $15,688,000 Total Cost Over 5 Years: $11,333,000 Economic Benefit of Purchasing Crossroads Center: $4,360,000