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<br />April 24, 2006 <br /> <br />· M-HCEDC commits $200,000 for A/E, marketing and 1st year <br />interest carry <br />· Martinsville-Henry County shared interest carry years 2-5, based <br />on Revenue Sharing Agreement <br />· Based on an interest rate of 4.3 to 4.4%, City's commitment IS <br />approximately $200,000; Henry County's commitment IS <br />approximately $400,000 <br />· Henry County IDA will be the borrower <br />· At the end of year 5, if the building is still available, the Harvest <br />Foundation will payoff the construction loan <br />· M-HCEDC will continue marketing <br />· M-HCEDC will pay all maintenance/other costs <br /> <br />Non-negotiable items to the project: <br /> <br />· City, County and M-HCEDC be in the deal <br />· New sub-station be built at the Patriot Centre <br />· Never sell/lease for warehouse or distribution <br />· Never lease short term to generate income <br /> <br />Mark Heath indicated that due to the commitment by the Harvest <br /> <br />Foundation and the constant increase in construction costs, that they would <br /> <br />like the approval of the City and County within 60 days. <br /> <br />After discussion and questions by Members of City Council and the <br /> <br />Board of Supervisors, Mayor Cobbe and Chairman Vaughn thanked Mr. Heath <br /> <br />for the presentation. <br /> <br />Board of Supervisors Member Paula Burnette moved to add the item for <br /> <br />- <br /> <br />consideration to the agenda for their April 25, 2006 meeting; the motion was <br /> <br />duly seconded and carried by the following vote, with all members voting: Vote <br /> <br />5-0. Yeas (5) - Vaughn, Buchanan, Burnette, McMillian, Parker. Nays (0) _ <br /> <br />None. Absent (1) - Adams. <br />