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Petitioner was generally interested in properties along
highways and was looking for a building to either lease or buy
for a furniture store. Davis notified petitioner of properties
available in the McKinney area, and approximately six of these
properties were viewed by Sam Knight and David Gunn. Davis also
notified petitioner of about a dozen parcels of vacant land.
At the July 9, 1993, board meeting, Sam Knight and David
Gunn reported that there were no suitable existing buildings
available in McKinney at the time. The board reiterated the need
to hold sufficient capital reserves to accommodate the possible
addition of the McKinney store and estimated the McKinney store
could cost $300,000 to $400,000 for the land and in excess of
$500,000 for building costs. At this meeting, the board also
discussed a possible store opening in the Bonham/Fannin County
area. After a full discussion, no specific action was taken, and
both store site considerations were tabled for further
discussion.
At the May 20, 1994, board meeting, the board discussed the
possibility of a future store location in the Bonham area.
Recent reports indicated that new businesses, new housing, and
new jobs meant an increased customer potential for the store.
There was no decision as to the future store location, other than
to continue to monitor the growth in Bonham.
In 1996, Davis showed to Sam Knight and David Gunn an old
grocery store that was of interest to them, but it was leased
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