Subject
title
Headquarters Building Acquisition
overview
Overview
The Orange County Transportation Authority has leased its current headquarters location since May 1992. Staff has evaluated the cost of purchasing a building to that of continuing to lease office space and concluded that owning a headquarters building would be financially and operationally more beneficial to the organization. Staff has worked closely with the Real Estate Ad Hoc Committee to evaluate potential opportunities. After a comprehensive review of properties, staff is recommending the purchase of the property located at 2677 North Main Street, Santa Ana, California to serve as its future headquarters location. It is anticipated over a 30-year horizon that the purchase of the property located at 2677 Main Street, Santa Ana, California will save the Orange County Transportation Authority approximately $50 million.
recommendation
Recommendation(s)
A. Direct staff to purchase the property located at 2677 North Main Street, Santa Ana, California, in an amount up to $54,500,000.
B. Authorize staff to complete due diligence efforts for the property located at 2677 North Main Street, Santa Ana, California.
C. Authorize the Chief Executive Officer to negotiate and execute the necessary documents for the purchase of the property located at 2677 North Main Street, Santa Ana, California.
D. Amend the fiscal year 2024-25 budget in the amount of $54,500,000 to purchase the property located at 2677 North Main Street, Santa Ana, California.