083088RANDOILPH COUNTY
BARD OF OOMMISSIONERS
MINUTRS
AUGUST 30, 1988
The Randolph County Board. of Commissioners met in special session at
6:00 p.m. on August 30, 1988 in Courtroom B, Courthouse, Asheboro. Commis-
sioners Frye, Langley, Davidson, Petty and Comer were present. The purpose
of the meeting was to discuss real estate acquisition.
On motion of Davidson, seconded by Petty, the Board voted to go into
executive session. At 8:00 p.m. the Board came back into regular session.
On motion of Langley, seconded by Petty, the Board directed the land
acquisition committee to negotiate the best possible price with KPS Assoc-
iates and The Shelton Companies for the Stedman Property and South Point,
located at McDowell Road and 220 Bypass.
Chairman Frye announced that the September 6 meeting would begin at
11:00 a.m. rather than at 2:00 p.m.
On motion of Davidson, seconded by Comer, the Board adjourned.
Sara Lee Corporation has made a commitment to contribute $750,000.00 to
assist Randolph County in its possible purchase of the Stedman Building,
located at the intersection of McDowell Road and US 220, from KPS
Associates, a general partnership.
After learning that Stedman Corporation would vacate the two-story 45,000
square foot building in mid -1989, the county commissioners approached KPS
Associates, which owns title to the property, about the possible purchase
of the building and approximately 31 acres of land at South Point Business
Park. KPS then asked the Shelton Companies of Winston-Salem, the building
contractor, to negotiate directly with Sara Lee Corporation.
Charles M. Shelton met with senior officials of Sara Lee Corporation
concerning their future plans for the building, and Sara Lee offered to
assist the County in the acquisition of the facility.
The sale would be closed in December 1988, and Sara -Lee Corporation would
continue to lease the facility from the County until July 1, 1989.
The building was built by The Shelton Companies in 1987, and Stedman took
occupancy in December 1987. Stedman Corporation was purchased by Sara Lee
in 1988, and subsequently announced that use of the office building would
be phased out over the next year.
August 30, 1988