Staff recommends the Board approve a Purchase and Sale Agreement for the transfer of the Southpoint Building property from the EDA to the County.

This is an approval to enter into a Purchase and Sale Agreement to transfer the Southpoint Building from the EDA to the County at no cost except to pay the remaining debt originally issued to purchase the building.  Costs to payoff the existing term loan are expected not to exceed $120,000. This building has been used for County offices since 2001. Presently, the County occupies the entire building consisting of the Visitors Center and Voter Registration.

The Spotsylvania Economic Development Authority owns an 8,000 square foot facility called the “Southpoint Building” at the SW quadrant of I-95 exit #126, adjacent to the former “outlet mall”. 

The building was purchased from the Vakos Company for County office uses in May 2001.

At the time of acquisition, the building housed commercial leased spaces as well as the County Visitors Center and the Economic Development and Tourism Department.  Presently, the County Visitors Center and Voter Registration occupy the entire space.

The County has paid-down the debt to a remaining principal balance of approximately $115,000.

At the EDA’s last meeting on May 23, 2019, the Chairman was authorized by formal vote to enter into an agreement to transfer the property from the EDA to the County. This action reflects the historical and current uses of the building, and ensures continued use for County priority activities.  The EDA recommended that the remaining debt be paid off as part of the transfer and closing.

If the Board were to approve the transfer of the property and the transaction were to close by December 2019, Finance staff expects the total remaining principal and interest due on the note to be no more than $120,000. 

If the Board were to approve the transfer of the property and the transaction were to close by December 2019, Finance staff expects the total remaining principal and interest due on the note to be no more than $120,000. 

Tom Rumora, Director of Economic Development and Tourism

This is an approval to enter into a Purchase and Sale Agreement to transfer the Southpoint Building from the EDA to the County at no cost except to pay the remaining debt originally issued to purchase the building.  Costs to payoff the existing term loan are expected not to exceed $120,000. This building has been used for County offices since 2001. Presently, the County occupies the entire building consisting of the Visitors Center and Voter Registration.