On May 15, 2018, the Pima County Board of Supervisors in a 3:2 vote approved an Acquisition Agreement to acquire the Golden Pins Bowling Alley located at 1010 W. Miracle Mile for the contract amount of $2,941,600–which is nearly 30% higher than the appraised value. Supervisor Miller opposed the acquisition citing issues with the appraisal and questioned why the urgency in approving this purchase without first conducting the necessary due diligence.
May 9, 2018 — Supervisor Miller sends CERTIFIED letter to Valbridge Property Advisors, firm responsible for Golden Pins bowling alley property appraisal, requesting answers to missing appraisal information pertaining to asbestos in the building ….
Sec. 9 – Occupancy Agreement … Seller retains right, after Closing, to occupy the Property.
Sec.9.2 – No Rent … No rent shall be due during the Occupancy Period
Proposed contract (linked to BOS Agenda for 5/15/18 meeting)
Supervisors Bronson, Elias, and Valadez objected and approved the purchase, stating the 45-day due diligence would be started after the purchase approval. County Administrator Huckelberry later issued a memorandum stating the county would spend $2.9 to acquire the property plus an additional $4 million to renovate the property.
The Due Diligence report is due June 29, 2018. According to the Acquisition Agreement, there is a 45-day Inspection and Access period (Sec. 5.1) and the Objection Notice clause (Sec. 5.4) which allows Pima County to provide written notice to Golden Pins during this time of any items disapproved by the County as a result of inspections. If the “cure notice” is not acceptable to Golden Pins, the County may elect to terminate this Agreement.
That’s $7 million dollars that could be spent on roads!