Summit County Council authorizes purchase of former Skullcandy building for $17.5 million

Summit County Council on Monday authorized the county manager to sign a purchase-and-sale agreement to buy the former Skullcandy building and its 7.38-acre site for $17,500,000, the council announced during a short meeting dominated by that single agenda item.

The deal, outlined by county staff member Chris, follows a competitive marketing process handled by Cushman & Wakefield and a negotiated letter of intent under which the county sought to purchase only the Skullcandy building rather than a three-property package. "We went through a competitive process," the presiding officer said when introducing the item, and Chris described how earlier plans to expand adjacent to the Silver Summit Justice Center proved cost-prohibitive, prompting the county to pursue an existing commercial building.

Under the agreement, the county will pay $17,500,000 and will have a 30-day due-diligence period followed by a 30-day closing window if due diligence is successful. The contract includes an easement-option exhibit that allows the seller, at the seller's expense, to construct the western leg of Olympic Parkway and a Landmark Drive roundabout and dedicate certain road improvements to serve adjacent property. The county would inherit the existing Skullcandy lease and staff said they intend to explore modifications to permit phased county use while retaining cash flow from the lease.

Council members moved and seconded a motion to authorize the county manager to execute the agreement. The chair called for the vote and members replied "aye." Shortly after the vote, a council member asked whether the agenda language — described in the meeting as "consideration of approval" — constituted sufficient notice to approve the contract at the same meeting. The chair said legal counsel would be contacted; she indicated that if the notice proved insufficient, the item would be brought back to the council for proper process.

With that procedural clarification pending, the meeting then adjourned. The county's next steps include completing due diligence, coordinating any needed lease changes with the current tenant, and confirming with counsel whether additional council action is required to finalize the purchase.