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Synco brought the 80 -acre parcel that we are here talking about tonight in 1978
through a partnership that it sponsored. The purpose of the acquisition of that property
was to hold it for future development. Conincidentally, the partnership is called Lake
Norman Properties -Crescent. The reason is some 40 acres, the nucleus, was brought by us
from Mr. Boyer's company, Crescent Land & Timber.
Earlier Synbco had been the sponsoring entity for the Lake Norman Company in 19--,
before we brought this property. The Lake Norman Company grew out of the nucleus of
people who pooled some money back in 1974 to start acquiring options to what would have
been a Marine World at Griffith Road at the Davidson Interchange of I-77. When the Marine
World went by the board, some of Synco's principals, the Snider brothers, Ritzel and
Jimmy; Davidson College; and several others pooled some money to start taking over those
options. Over the period of years from '74 foward acquired what ultimately was close to
200 acres in this area in (not clear), some 60 acres on the lake side in the form of the
Davidson Landing community that was mentioned earlier.
I think you all have seen what has gone up on that peninsula out there, that has gone
up some through the auspices of the Lake Norman Company and Synco as its affiliate, some
through the auspices of the Martin Development group which has bought property from the
Lake Norman Company to do the condo development, the townhouses, etc., that are out there.
So that has been a co -venture type arrangement.
The expection, of course, is that Iredell propeprty that Synco owns through its
partnership would be developed consistently with the same high quality that Davidson
Landing property has been developed. We understand to develop it in the same fashion,
that is through some multi -family arrangement with some moderate density, would cause us
to have come to you and to lay our plans and to get your approval. And of course in the
long stretch of things, we are prepared to do that.
I think I would like to underscore that we have been good stewards with the property
that we purchased on the lake. We are awfully proud of the development there. We want to
be good neighbors. We are accustomed to dealing with boards such as yours in forming, so
to speak, a partnership to develop land in and around the lake. And I think the project
that is down in Davidson Landing is exemplary and is a product of that careful planning
and the nurture that you give this property in the lake area.
We don't want to court commercial development. As a matter of fact we have got some
commercial development down at Davidson in a very well defined, carefully planned area in
and around the little harbor down there. But we did it in a fashion, and we hope that
what will be done here will be done in a fashion, that everybody gets to enjoy the
benefits of their development of the ownership of the property that they have. The lake
is a rare commodity, and we would like to see it nurtured in the same fashion that we have
undertaken down at Davidson, and what we hope to do when we come up here.
We very much appreciate your patience in letting us speak to you.
HEDRICK: Does anyone else wish to speak?
DICK THOMAS: I don't represent anyone but myself. I live, unfortunately I
understand, in Mecklenburg County, therefore I am a pure guest here. I live directly
across the lc!;e from the area in question. I also feel like the Synco people, I do not
object to Vie institution of the Robert E. Lee. My next-door neighbors said they were
there schen the Robert E. Lee was there before and said they enjoyed it, thought the boat
was very picturesque and enjoyed its tenure there. What they did not enjoy and what we at
this time do not anticipate enjoying is rucus noises that came from the area around the
boat.
As you are all aware noise travels tremendously well over the water. There is on the
Nelson Estate, the estate on the lower end of the peninsula, a sort of a defunct kind of
club house which essentially consists of a little building with a juke box, and On
Saturday afternoons peopla get there and have a party. That's perfectly all right, it's
a short-lived thing, it noes on on SaLurdsys. But they turn it one quite loud, and is
really amazingly loud when you realize we are directly across from Davidson point, on the