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MINUTES OF THE REGULAR MEETING <br />OF <br />THE BOARD OF COMMISSIONERS <br />FOR <br />THE COUNTY OF LEE, STATE OF NORTH CAROLINA <br />JUNE 26, 1995 <br />The regular meeting of the Board of Commissioners for the County <br />of Lee, State of North Carolina, convened at 7:00 P.M. in the <br />Commissioners' Room, Lee County Government Center, 106 Hillcrest <br />Drive, Sanford, North Carolina. Commissioners' present were Jimmie M. <br />Cox; John R. Dossenbach, Jr.; F. Hubert Garner; J. Douglas Moretz; <br />Robert T. Reives; William C. Stafford, Jr.; and Gordon A. Wicker. <br />Chairman Garner presided and the following business was <br />transacted: <br />County Attorney K.R. Hoyle delivered the invocation. <br />Commissioner Dossenbach moved to hold a public hearing for the <br />purpose of considering the appropriation and expenditure of funds for <br />the acquisition of interest in a 15.62 acre tract of real property for <br />economic development owned by Mrs. Neola Perkinson adjacent to the Lee <br />County Industrial Park, at a total cost of $164,000.00. Commissioner <br />Cox seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Dossenbach, Garner, Moretz, Reives, Stafford and <br />Wicker <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />County Attorney K.R. Hoyle told the Board the Economic <br />Development Corporation has taken an option on 15.62 acres of land <br />belonging to Mrs. Neola Perkinson (Womack) which joins the Industrial <br />Park. The purpose of this property is to enter into a transaction <br />with Lederle Praxis to develop and construct an addition to their <br />property. They need this piece of property to ensure that if they <br />make the second addition to their facility, it will allow them to <br />utilize both their present tract of land and the Clark property. The <br />property is a 650 foot strip of land on the back end of Mrs. <br />Perkinson's property. It will be acquired by the Economic Development <br />Corporation, who will enter into an agreement with the County that <br />this property will be used always for industrial purposes. The <br />Corporation in turn will enter into an agreement with Lederle Praxis <br />whereby the improvements will be made so that in a ten-year period <br />one-half of the taxes they pay will totally reimburse the County for <br />1 <br />