The Town of Oak Island is considering buying the Yaupon Pier for 1.7 million they have $800,000 in grants for the pier. The town was told to get bids for the financing first. BB&T proposed a 10-year loan for $900,000 at a 4.39% interest rate. Three banks bid on the project. It looks as though the town is getting closer to buying the pier. On Tuesday night, council set a public hearing for March 10, asking for comments on financing the purchase. Residents will have a chance to speak on the subject. Council also discussed drafting a business plan for leasing the pier. Town attorney Brian Edes has met with representatives of Cooperative Bank, which owns the pier. The bank is drafting a lease agreement for the town. The Bank wants the town to take over as soon as possible. There is repair work that must be done before the pier could be open to the public again, it’s a safety issue, and was a determination by public works after the pier was inspected.
Board members would like to have pier ready for fishermen this spring.