BAY MINETTE, Ala. _ The Baldwin County Commission on Tuesday paid $2.17 million for a one-year, purchase-option extension for a 3,000-acre industrial site in North Baldwin County, but balked at approving a$25 million warrant purchase to fund acquisition of the property.

Commissioner Bob James cast the lone dissenting vote for the option purchase, stating he thought the price was “too high.”

Commissioner Charles “Skip” Gruber then moved to approve the warrant issue, but did not receive a second.

The panel has been equally divided on the warrant purchase, which would be supplemented by a $10 million general fund infusion. Commissioner Frank Burt and Gruber have touted the purchase as a financial diversification for the county which could pump millions of tax dollars and thousands of high-paying jobs into the local economy.

Commissioners Tucker Dorsey and James agreed, but have repeatedly stated the financial risk was too great without a committed industrial tenant.

Dorsey said the option approval showed a serious Commission commitment to the project and provided a year extension for the Baldwin County Economic Development Alliance, holder of the option, to solicit the site to industrialists worldwide for auto manufacturing or high-tech software manufacturing. HK Motors is a former potential tenant which could not obtain financial banking and withdrew site consideration.

 “A study showed there would be $61 million in sales tax if HK had become a tenant,” Dorsey said. “I am not in favor of borrowing money. We have got to find a tenant because the potential is limitless.

“As a commission, I hope we can work as a team to make this happen. We need to get out of the mud.”

Following the meeting, James said the Commission was a “team” and approved the option. “I will do all I can to help market the site or help in any way,” James said.

Burt said interest rates were low and that the warrant was “not speculation, but an investment. The downturn in the economy will not last forever. We want to be ready.

“There is so much negativity. We have made international news, and that makes industrialists worldwide skeptical. It is a good project.”

Gruber said the county’s financial standing is solid enough for the warrant purchase.

“If you look at the county’s history during this recession, we are still in good shape,” Gruber said after the meeting. “Revenues are down, but we have put money in reserves every year. That says a lot. We projected debt service at the minimum we could pay and we are OK. We need to diversify. If something happens like a hurricane or oil spill, a project like this will diversify our economy.”