1999 - 03-08-99 Regular Meeting - Laserfiche WebLink

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0 BOOK 17 PAGF 5 009 F. Extend Third Street from just north of Weatherspoon Street to Hawkins Avenue to alleviate traffic on Horner Boulevard. G. Widen NC 78 to three lanes from Hickory House Road (S.R. 1157) to Caroline Drive to improve increased traffic flow to Tramway. H. Extend Seventh Street to Nash Street or Kelly Drive to improve traffic flow to Lee County Senior High School and Central Carolina Community College. 1. Straighten and widen Farrell Road from ROD Sullivan Road to Deep River Road to provide better access for emergency vehicles. Upon a vote, the results were as follows: Aye: Adams, Gamer, Hincks, Matthews, Paschal, Reives, and Sauls Nay: None The Chairman ruled the motion had been adopted unanimously. Commissioner Adams updated the Board on a Low Wealth High Growth Conunittee joint meeting he had attended recently in Chapel Hill between several county and school officials. He told the Board that there are twenty counties in the state that will have a 10% or greater growth in student membership in grades K-12 from 1995/1996 to 2001, based on projections from the North Carolina Department of Instruction. Representatives from five of the twenty counties attended the meeting to discuss various matters, the main one being county and state funding. No action was taken on the matter. The Board considered a loan commitment for the Wilrik Hotel Apartments. County Attorney K. R. Hoyle told the Board that he had been working with the Wilrik Hotel Apartments council to try and finalize the financing arrangements for this project. The County of Lee sold the Wilrik property to the Historic Preservation Foundation for $100,000 with a 510,000 down payment, leaving a $90,000 note on the building. That note, as well as the commitments made by Lee County and the City of Sanford to the Wilrik Hotel Apartments, was tied to the net revenues available after permanent financing. The Wilrik Hotel Apartments has agreed to pay the County $3,000 per year on its note until it is retired (from other available sources) and make a joint note to the City of Sanford and County of Lee for the $500,000 which will be reimbursed based upon available funds from the occupancy of the apartments. The City and County will share these funds equally. After some discussion, Commissioner Reives moved to accept the loan modification for $3,000 per year to the County, and to share with the City of Sanford a joint note in the amount of 5500,000, contingent upon the City of Sanford's approval. Upon a vote, the results were as follows: Aye: Adams, Garner, Hincks, Matthews, Paschal, Reives, and SaUls Nay: None The Chairman ruled the motion had been adopted unanimously. 9