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BK:00025 PG - 0837 <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />SPECIAL CALLED MEETING <br />OF THE <br />LEE COUNTY BOARD OF COMMISSIONERS <br />106 HILLCREST DRIVE <br />SANFORD, NORTH CAROLINA 27330 <br />JULY 2, 2013 <br />The special called meeting of the Lee County Board of Commissioners for the County of <br />Lee, State of North Carolina, convened at 4 p.m. in the Commissioners' Room, First Floor, Lee <br />County Government Center, 106 Hillcrest Drive, Sanford, North Carolina, on said date. <br />Commissioners present were Amy M. Dalrymple, Dr. Ricky D. Frazier, Charles T. Parks, <br />Robert T. Reives, Kirk D. Smith, and James K. Womack. Commissioner Dr. Andre Knecht was <br />absent. <br />Chairman Parks called the meeting to order. <br />Commissioner Frazier delivered the invocation. <br />The pledge of allegiance was recited. <br />The Board considered a Memorandum of Understanding (MOU) with the Sanford <br />Affordable Housing Development Corporation to release and cancel the County's Deeds of <br />Trust for the Wilrik Hotel Apartments, LLC. Assistant County Manager Lisa Minter presented <br />the MOU in the County Manager's absence. On May 6, 2013, the Board directed the County <br />Manager and County Attorney to meet with Ken Armstrong from the Sanford Housing Authority <br />to work on an agreement. The Sanford Housing Authority reached an agreement with <br />Progress Energy to purchase the Wilrik Hotel located at 152 S. Steele Street and intends to <br />invest between $25,000 - $75,000 to renovate the building. The property currently has <br />restrictions that require its use as low- income or affordable housing for five years. After that <br />time period, the Housing Authority will begin work to restore the Wilrik Hotel for higher -end <br />apartment housing. While the taxes are current, no payments have been made to either the <br />City of Sanford or Lee County since the building was purchased in 1996. The County is <br />currently owed $331,000 on the property. The Housing Authority is asking that the County <br />approve a discounted payoff in the amount of $34,000. The County will be writing off $287,000 <br />that is due on the loan. After discussion, Commissioner Reives moved to approve the <br />Memorandum of Understanding and execute the Satisfaction of Security Instrument for the <br />City- County Deed of Trust and Satisfaction of Security Instrument for the County Deed of <br />Trust, and authorize the Chairman to sign any related documents and authorize Kerry Schmid <br />