MOUNT AIRY, NORTH CAROLINA CLOSED SESSION January 21, 2021  MEMBERS PRESENT: Mayor Pro Tempore Ron Niland, Commissioners Jon Cawley, Tom  Koch, Marie Wood, and Steve Yokeley APPROVALOF AGENDA: APPROVALOF MINUTES: were approved unanimously. CLOSEDS SESSION:  On motion by Commissioner Cawley and passed unanimously, the agenda was approved.  On motion by Commissioner Koch, the May 7, 2020 and May 21, 2020 Closed Session Minutes  Pursuant to NCGS149-318.1(8)0) Attorney-Client Privilege  Property Located at Corner ofFranklin/South Street (400th Block) Sold to Ky (Charlie) Nguyen Hugh Campbell learned that Mr. Nguyen has entered" into a letter ofintent to possibly sell this property. He purchased this property from the Gity with the intent to construct a family friendly entertainment center on the property (similar to Chuck E, Cheese). The Board sold him that property for $175,000 with an unwind agreement that'says that if he failed to build this according to plans and specs, the city has the right to reacquire the property. The gentleman who he has a letter ofintent with is a developerwho is interested in the portion of the lot that fronts South Street to develop into a small business complex. This isn't consistent with public purpose or specs presented. He recommends the City invoke the Hugh stated that ifthe Board's consensus is to invoke the unwind agreement, he will contact Mr. Nguyen and his lawyer, make the demands, and get the parameters set to bring it back before this Board. for approval and authorization oft the $175,000 repurchase price. Consensus: Citytoinvokethe, unwind agreement and reacquire the property.  unwind agreement.  OPENSESSION: session.  On motion by Commissioner Koch and passed unanimously, the board entered back into open  These minutes are sealed until the transaction consummates or terminates.  Approved and adopted this the 6th day of May, 2021.  1