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Mr. Donald C. Wisniewski <br />May 23, 1989 <br />Page Two <br />If, for some reason, the terms of the proposed gift are not acceptable <br />to the County, then we offer, as an alternative, to sell you the building <br />for $240,000, which is substantially below the present appraised value of <br />$606,000. The purchase at this price would satisfy the requirement imposed <br />by the Commissioner of Commerce and would, still, represent a substantial <br />gift to the County. <br />The choice is up to you, we at the Bank are still convinced that our <br />present building would make an excellent County branch library. We would <br />like to make a gift to the County for that purpose. If the County chooses <br />the less complication purchase/gift arrangement, we would consider with our <br />accountants an installment payment arrangement for the $240,000 purchase <br />price. On the other hand, if you prefer the more complicated gifting <br />transaction, we are confident we can work out the details. <br />Please let me know when we can meet with you and discuss the details. <br />Yours truly, <br />Donald T. Raleigh <br />President <br />DTR/pw <br />Enclosures <br />cc: Tom Williams <br />Howard Turrentine <br />