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<br />16 <br /> <br />FRIDAY, NOVEMBER 7, 1986 <br /> <br />BE IT FURTHER RESOLVED that L. D. Oakes, be, and he hereby is, designated <br />as the commissioner who shall be the Chairman of the Authority; and <br /> <br />BE IT FURTHER RESOLVED that said Chairman be, and he hereby is, authorized <br />and directed to execute on behalf of the Authority that certain Option <br />Agreement dated November 7, 1986, between the Authority and Elledge and <br />Associates of Wilkesboro, North Carolina. <br /> <br />The Authority then duly convened itself and unanimously authorized and directed <br /> <br />Chairman Oakes to execute, on behalf of the Authority, an option agreement <br /> <br />(dated November 7, 1986) between the Authority and Elledge & Associates, by <br /> <br />which option agreement, and in consideration of the sum of $15,000.00 being paid <br /> <br />the Authority by Elledge & Associates, the Authority grants unto Elledge & <br /> <br />Associates, for a term of sixty days from the date of execution, the exclusive <br /> <br />right and option to purchase from the Authority the Authority's real property <br /> <br />hereinbefore generally described for the sum of $300,000.00, payable at time the <br /> <br />option is exercised, in which case the $15,000.00 paid for the option will be <br /> <br />credited to the aforesaid purchase price; and, further, the agreement provides <br /> <br />for the right and privilege of the Authority to re-purchase this property from <br /> <br />Elledge & Associates, in the event Elledge & Associates fails to begin con- <br /> <br />struction of the hotel complex within one calendar year from the date of convey- <br /> <br />ance of the property to Elledge & Associates, for the sum of $300,000.00, less <br /> <br />$18,000.00 "penalty", or a net re-purchase price of $282,000.00. <br /> <br />At this point, the Authority reconvened as City Council, at which time informa- <br /> <br />tion was made public on the general plans and scope of the hotel complex pro- <br /> <br />posed to be developed by Elledge & Associates (for a nationally-known and high- <br /> <br />quality "chain" hotel operator) on the site. Recognizing that the hotel <br /> <br />complex, although it will provide sufficient off-street parking spaces for its <br /> <br />general needs (estimated at 180 spaces), will eliminate some 118 parking spaces <br /> <br />now provided by the City on the site for downtown customer parking, and upon <br /> <br />City Manager Brown's recommendation, Council unanimously authorized Mr. Brown to <br />