Friday the Oak Island Town Council will meet in closed session to discuss the $1.7 million purchase of the Yaupon Pier. The town is in the process of purchasing the fishing pier, which closed after going into foreclosure more than a year ago. The town needs approval from the local government commission to finance the project. Repairs to the pier will cost around $200,000, while the pier itself costs $1.5 million. The town has a $500,000 state matching grant and plans to finance the rest. Officials hope to pay the loan off with more grant money.
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