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County Closer to Owning Buildings

It took a bit of back and forth but Nevada County is now in escrow to  purchase two buildings in Nevada City for use by County agencies.  The former Bank of America building at 201 Commercial Street is being purchased from Kenneth and Kay Baker for  $655,000 thousand dollars to become the new home for the Nevada County District Attorney’s office. And the upper floor Condominium Unit of 109 1/2  N. Pine Street  is being purchased for just over 1.4 million dollars for continued use by the County Probation Department.

Nevada County Chief Information Officer Stephen Monaghan says the two properties will be financed through a lease back arrangement at a 4.1 percent rate for 20 years and no County funds or reserves will be used .
Click here to listen to Steve Monighan

Monighan says it was a team project with County Counsel , the County CEO’s office Alison Leaman, and facilities manager Tom Coburn. Board Chair Hank Weston  thanked Monighan for getting the job done.
Click here to listen to Superiviso Hank Weston

Weston adds at the end of 20 years the County will own an asset that can be used for something else or sold for it’s value. Escrow on the two buildings is set to close May 15th.  The Probation Department is already in the N. Pine Street Building under a lease agreement;  and the District Attorney’s Office will be moving into the commercial Street Property around the end of 2013.

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