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<br /> - 16
<br /> Additional Background Information and Documentation
<br /> ... ., .'...;,■,--, ,., .,,,
<br /> The following is background information and documentation
<br /> ,
<br /> of ownership and development expectations for Midway Airport and
<br /> Airpark.
<br /> -
<br /> Enclosed is the deed to the property for the south side of the
<br /> _ ..
<br /> proposed property, the option to buy for the north side of the project,
<br /> and the right-of-ways from NC 54 through the properties immediately
<br /> adjacent to this property. All land shown in the drawings is under
<br /> ownership or option to buy based on approval of zoning.
<br /> The financing for this project is "locked in" to the extent possi-
<br /> ble before final dispensation of the zoning. The owners have approached
<br /> a local bank about this project. They are proposing a "Guaranteed Loan"
<br /> through the Farm Home Administration which will be applied for by
<br /> the lender if they are the lending institution. It is impossible to obtain
<br /> •.
<br /> an absolute guarantee or commitment of any financing arrangement prior
<br /> ;..
<br /> to rezoning. This project is being financed and developed by local people.
<br /> This project is being geared to accomodate the present needs of
<br /> Horace Williams since there has been considerable expressed desire from
<br /> many interested parties to close that facility for safety as well as -,
<br /> financial reasons. Midway Airport and Airpark is specifically being
<br /> designed to solve these two problems. The rural, undeveloped nature
<br /> of this area is ideal for needed clearances and this facility will be 1.
<br /> respectful of the surrounding land uses. The airport will be mostly
<br /> financed by sale of the 50 initial T-hangars plus land lease within
<br /> the first 90 days of operation. These hangars are attractive to owners :-
<br /> because of airplane protection, security and approximately 25% reduction
<br /> in insurance premiums. Within one year of operation initiation the aircraft
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