MINNUTE BOOK XXX,PAGE34-35  TROUTMANTOWN COUNCIL SPECIAL MEETIING MIINUTES  March 23,2021  ASpecial Meeting ofthe Town ofTroutman' Town Council was held at the Troutman Town Hall, 4001 North Eastwayl Drive, Troutman, North Carolina on Thursday, March 23, 2021 at 4:00 p.m. with the Mayor Teross W. Young, Jr., presiding. Councilmembers Present: W. Paul Henkel; Sally P. Williams; George W. Harris, Eddie R. Nau, Felina L. Harris Staff Present: Ronald Wyatt, Town Manager; Kimberly Davis, Town Clerk; Steve Shealy, Finance Director; Gary Thomas,  Town Attorney; Emily Watson, Parks & Recreation Director  MAYOR YOUNG CALLED THE. MEETING TO ORDER  I. COUNCIL BUSINESS:  1. Issuance of Debt for Property Acquisition: Subject to North Carolina Local Government Commission  Approval  a. Call for Public Hearing Mayor. Young CalledforaPublic. Hearing  Finance Director Steve Shealy stated that 160A-20 allows for the issuance of debt for capital purposes and requires a public hearing sO that the citizens can speak as to the need for the Town to borrow the funds. The purpose of this debt would be to purchase three parcels of property; two on Wagner Street that include houses, the third is the vacant lot at1 the comer ofNorth Avenue and Scroggs Street adjacent to Town Hall. The total cost oft the properties is $798,000. Mr. Shealy suggested borrowing $810,000 to allow for document preparation, closing cost, attorney's fees, etc. He stated that Request for Proposals were sent to six banks, Truist Bank (formerly BB&T) was the only response offering terms of 2.6% for 10 years and can be paid off at any time Councilmember Henkel asked for reassurançe that the Town can financially handle the debt. Mr. Shealy stated  without penaity.  yes, that the Town's current budget can absorb that amount.  No public comments were received. Mayor Young Closed the Public. Hearing b. Approval of Financing Proposal meeting for consideration ofa approval.  Mr. Shealy stated that the application will go before the Local Government Commission (LGC) at their May 4th *Upon motion by Councilmember Paul Henkel, seconded by Councilmember Sally Williams, and unanimously (Copied in full, finance proposal is attached to these minutes and is filed ofCDt titled: "Town Council Supporting Documents" dated March 231d, 2021 in CD Book #1 titled: "Town Council Supporting Documents")  carried, approved: financial proposal through Truist Bank for purchase of three parcels.  34    m. CALLFOR CLOSED SESSION, PURSUANT TO: NCGS 143-318.11(a)(5) ACQUISITION OF PROPERTY Mayor Young called for a closed session pursuant toNC General Statute 143-318.11(aX5)to: discuss acquisition ofp property. Along with Mayor Young and Councilmembers; Ronald Wyatt, Town Manager; Kimberly H. Davis, Town Clerk; Steve *Upon motion by Councilmember George Harris, seconded by Councilmember Felina Harris, and unanimously carried, approved tol hold a closed session pursuant NCGS 143-318.11(a)(5) to discuss acquisition ofproperty.  Shealy, Finance Director; Emily Watson, Parks & Recreation Director  Mayor Young Opened the Closed. Session.  **MINUTES OF CLOSED SESSION ARE SEALED UNTIL SUCH TIME PUBLIC INSPECTION WILL NO  LONGER. FRUSTRATE THE. PURPOSE OF THE CLOSED, SESSION** Closing ofClosed Session and. Reconvene Open. Session  *Upon motion by Councilmember Paul Henkel, seconded by Councilmember George Harris, and unanimously carried,  approved to reconvene open session.  IV. CONSIDER. APPROVAL OF PROPERTY ACQUISITION  Action Resulting.from Closed, Session:  *Upon motion by Councilmember Sally Williams, seconded by Councilmember Paul Henkel, and unanimously carried, approved to make an offer to purchase properties located at 364 and 3541 North Eastway Drive along with the vacant loti in between in the amount of $300,000 with a period of due diligence and other conditions as required by the NC Offer to Town Attorney Thomas suggested to explore rolling the amount into application package with Truist Bank. Even though itv would delay approval with LGC the Town could get a lower interest rate. Finance Director Shealy stated it would definitely delay LGC approval and staff would need to not only check with the LCG but with the lender. Gary suggested calling the lender first to see ifit would change the rate. Mayor Young stated that staffneeds to check with the seller ofthe property (corner ofScroggs Street and North Avenue) due to the 30 day contract. Mayor Young requested that staffe explore  Purchase Form.  the option of adding the $300,0001 the existing application.  V. ADJOURNMENT  *Upon motion by Councilmember George Harris, seconded by Councilmember Felina Harris, and unanimously carried,  approved to adjourn the March 23,2021 Special Meeting at 5:18p p.m.  Juou Teross W.  Clerk  ASA  OEIROD SEAL INCORPORATED 1905  L  35