Agenda 03/25/2003 - Laserfiche WebLink

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WHEREAS, five (5) local banks have committed to contribute $50,000 each for a total of $250,000 to establish a loan pool to assist Church Street property owners in making improvements to their properties; and WHEREAS, six (6) property owners have expended $487,580 since July 1, 2001 for property improvements and twelve (12) property owners have submitted documentation of their interest in participating in the Storefront Improvement Program with intent of expending $180,000 in building rehabilitation, faCade and entrance improvements; and WHEREAS, one (1) property owner is preparing his vacant site on West Church Street for future development and is expending $122,200 for property clearance, fill dirt and drainage improvements; and WHEREAS, the Gateway Streetscape Foundation, Inc. has provided a written commitment of $26,620 to provide labor to install and plant the landscaping materials in order for the City to implement the West Church Street Streetscape Plan; and WHEREAS, the City has committed $53,800 in proceeds from the sale of City owned property; $90,000 from an Economic Development Initiative Grant from HUD; $288,655 in public works force account work; $10,000 funding from the public works budget for overhead signage; and $11,316 from an existing City budget line item for fagade improvements for the two Patrick Henry Community College buildings for a total of $453,771 to carry out redevelopment activities to accomplish the objectives of the West Church Street Commercial Corridor Redevelopment Project; and WHEREAS, the City of Martinsville acknowledges the provisions of Title 36, Article 7 of the Code of Virginia; and WHEREAS, the City of Martinsville will develop and implement a Redevelopment and Conservation Plan in accordance with the Code of Virginia if deemed necessary in the implementation of the VCDBG project; and WHEREAS, the Martinsville Redevelopment and Housing Authority provided a letter dated March 8, 2003 committing to assist with the implementation of the West Church Street Redevelopment and Conservation Project under Title 36; and WHEREAS, the Martinsville City Council has properly advertised and conducted public hearings on January 28, 2003 and March 11, 2003 which addressed the CDBG program and the CDBG project application, thereby meeting citizen participation requirements; and WHEREAS, property and business owners, residents; Patrick Henry Community College; and the Martinsville Uptown Revitalization Association have requested the City proceed post haste with its comprehensive efforts to resolve the physical and economic problems along the West Church Street Commercial Corridor and secure necessary funds to carry out the West Church Street Commercial Corridor Revitalization Project.