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�►� 6 <br /> April 12, 1996 <br /> ORANGE COUNTY RFCE1V,L.J <br /> Mr. Mike Turner ID . —ORROyy <br /> The Jian Group P^ESE PV•I ION•P A OG It E SS.PE OPIf <br /> 11901 Bowman Drive, Ste. 101 <br /> Fredericksburg, VA 22408 <br /> RE: Proposed lease agreement with Builders' Supply & Lumber Co., Inc. <br /> Georgia-Pacific facility - 401 Valley Forge Road, Hillsborough <br /> Dear Mr. Turner: <br /> This letter is directed to you and Mr. Jerry Thompson of Builders' Supply& Lumber Co., as a <br /> summation of the Orange County Board of Commissioners' actions on April 1, 1996, indicating <br /> their intent to enter into a long-term lease agreement with BS&L for the current Georgia-Pacific <br /> property in Hillsborough. This commitment is contingent upon the conditions described below, <br /> and upon the County's agreement to any final details of the lease. <br /> By a unanimous (5-0)vote, the Board of County Commissioners voted on April 1 to direct staff <br /> to prepare and negotiate with BS&L a final lease agreement, to begin on or about October 1, <br /> 1997, in accordance with the other terms listed below. Execution of this lease is contingent <br /> upon the satisfactory resolution of these items: <br /> 1. Before the expiration of the current lease agreement dated October 1, 1972, the <br /> current tenant(Georgia-Pacific Corp.) must decline to take advantage of the renewal <br /> clause offered in the lease. Georgia-Pacific must provide the County with a written <br /> statement declining the renewal option. This must be provided at least 30 days before <br /> October 1, 1997. (Ownership of the Georgia-Pacific building and 12.9 acre grounds <br /> will not revert to the County until that date.) <br /> 2. Final determination by the Board of County Commissioners that the lease agreement is <br /> in compliance with Section 158-7.1 of the North Carolina General Statutes(the Local <br /> Development Act of 1925), wherever it may be pertinent to this transaction. (Essentially, <br /> this section of the Statutes states that the total consideration received by the County must <br /> be at least equal to the fair market value of the lease interest.) <br /> Following are general terms for the lease, and an understanding of the company's projected <br /> impact on the local economy: <br /> ORANGE COUN'T'Y ECONOMIC DEVELOPMENT COMMISSION <br /> POST OFFICE BOX 1177 - HILLSBOROUGH,NORTH CAROLINA 27278 <br /> !0Iof7*Z')_QlQl rolofQAQ_ACAI 4`0101 !0191117_1nz1 _VAV1OIO14ed_2MQ _ <br />