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v <br /> to the 30 acre parcel and he is also using it to go to the 160 acre <br /> parcel. Further, Mr. Adams indicated to him that he is the <br /> controlling person of Tetra Diamond. Mr. Erickson said he felt that <br /> this project should be handled under a Major Subdivision because, in <br /> the past, Mr. Adams indicated to him that the property could be deve- <br /> loped in ranchettes. In answer to a question, Mr. Erickson said he <br /> owns 10 acres. <br /> REBUTTAL: Mr. Adams objected to the statements made by Mr. Erickson. <br /> PUBLIC HEARING CLOSED <br /> Mrs. Affonso noted that the Commission now has a statement from Tetra <br /> Diamond that the Adams have less than a controlling portion with the <br /> corporation. She said that, therefore, there are signs that it may be <br /> an "at arm' s length" transfer. The signatures on the statement were <br /> notarized. <br /> Mr. Adams said that at one time he was the major stockholder. Mr. and <br /> Mrs. Adams transferred ownership and shares of stock to their <br /> children. The children were given land with no strings attached. The <br /> last transfer of ownership was in April 1988. At the present time, <br /> Mr. and Mrs. Adams have a 43% interest in Tetra Diamond and next year <br /> they will have 35%. Tetra Diamond was incorporated in 1973. The only <br /> division that Tetra Diamond went through was for the 3 acres from the <br /> 160-acre parcel (1984 ) . The rest of the divisions were done by Mr. <br /> and Mrs. Adams. At the present time Mr. and Mrs. Adams ' assets are in <br /> trust. Their 43% interest in Tetra Diamond is in trust. <br /> MOTION: Moved, seconded (Bozzano-Carter ) to grant the appeal based on <br /> the evidence given at this hearing. Comms. Rojas, Gabbard and Morri <br /> voted no. The motion failed. The appeal, therefore, is denied. <br /> Comm. Gillispie absent. <br /> --------------------------------------------------------------------- <br /> PC: 5/5/88 -3- MINUTES <br />