ABC Real Estate Committee MINUTES of September 5 2012 New Hanover County ABC Board
Memo for the Record
Meeting Notes
The following individuals had an informal meeting September 5, 2012 at 9:00 AM at a potential
purchase location to discuss real estate acquisition issues:
Robert Martenis, Board Member and Representative of the Real Estate Committee
David Matthews, Board Member and Representative of the Real Estate Committee
Dan Sykes, Chief Executive Officer
Gary Cain, Retail and LBD Operations Manager
Spruill Thompson, Real Estate Agent, Cape Fear Commercial Real Estate
A walk-through of a vacant restaurant was performed by the group to determine if the location
had potential for a retail facility. The price for the building and land appeared to be within reason
and the geographic location would be an asset to the Board. It was later determined that an
architect needed to walk-thru the building and make recommendations. Mr. Sykes was tasked to
set-up a meeting with LS3P for a walk-thru and subsequently report back to the group.
A parcel (raw land) off of Oleander was visited regarding potential use for an LBD, Distribution
Center and Administrative Offices. Pros and cons were discussed but the group did not want to
move forward at this time.
A third property near Wrightsville Beach was briefly discussed; however, the Board would
continue to pursue this property but only after exhausting all ideas regarding the Market Street
property. Mr. Martenis recommended that they proceed with a purchase offer for the Market
Street property but this time only for a portion of the property (about two acres or so). The
offering price would be based on the Board's original appraisal. Conditions would be that the
seller would agree:
1. To pay to bring the retention ponds into full compliance and have them certified.
2. That the inspection period would be up to 180 days.
3. Earnest money of $5,000 would be paid within five business days after acceptance of the
purchase offer.
Mr. Thompson agreed to prepare documentation regarding the terms agreed upon during the
meeting and transmit same to Ms. Copley, Board Attorney, for preparation of the Purchase Offer.
The document would be prepared for Mr. Martenis' signature. Mr. Thompson was to
communicate with Ms. Copley directly.
The meeting adjourned approximately 2:30 PM.
Aiii: otes approved:
obert Martenis Date
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