Lake Lure 5.9

Lake Lure is a town in Rutherford County, North Carolina, United States. In 2010 the town population was 1,192. Lake Lure was incorporated in 1927, and acquired the lake after which it is named in 1965.HistoryIn 1902, Dr. Lucius B. Morse and his brothers Hiram and Asahel purchased 64acre around Chimney Rock (within present-day Chimney Rock State Park) for $5,000. They later acquired enough land in the area to bring the total to 8000acre. Lucius Morse's wife Elizabeth is credited with naming the lake (and the town). Included in the area that became the lake, according to a blog entry by Russ Meade, was the town of Buffalo, believed to have been named for a nearby mountain that resembled a buffalo.In 1925, the Morse family created Carolina Mountain Power Company and funded the construction of a dam on the Broad River (through a mortgage) which produced the lake after which the town is named. The full impoundment of Lake Lure was completed in 1927. At ordinary water levels, Lake Lure covers approximately 720acre and has a shoreline of approximately 27mi. The dam's power plant began operations in 1928 with the sale of electricity under a 10-year contract to Blue Ridge Power Co., a local predecessor of Duke Power.In 1929, the plans for development came to a halt with the advent of the Great Depression. A mortgage-holder, Stroud & Company of Philadelphia, foreclosed on the lake and the dam. Stroud owned them and the power the dam generated until 1965. In 1963, the North Carolina General Assembly enacted the legislation that authorized the Town of Lake Lure to issue revenue bonds for the purpose of acquiring the assets from Stroud. The dam, power company, and real estate of Lake Lure were acquired by the Town of Lake Lure in 1965. In modern times, the town continues to sell electricity to Duke Energy, although profits from the dam now come second to maintaining a fixed water level year-round. Recreation and tourism have become crucial to the town's economy.