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<br />May 9, 2006 <br /> <br />SECTION 3: That the authorization contained herein shall not obligate the Municipality to incur <br />any liability for the actual construction of any HYDROMA TRIX Projects without further action <br />ofthis Councit. <br /> <br />SECTION 4: This Council finds and determines that all formal actions of this Council <br />concerning and relating to the adoption of this Resolution were taken in an open meeting of this <br />Council and that all deliberations of this Council and any of its committees that resulted in those <br />formal action were in compliance with the Law. <br /> <br />Council next heard the monthly update from the Martinsville-Henry <br /> <br />County Economic Development Corporation. Mark Heath indicated that the <br /> <br />first draft of the EDC budget and marketing plan would be presented to the <br /> <br />Board at their upcoming May 18 meeting. They are in the process of setting up <br /> <br />interviews with the three A & E firms for the virtual shell building and he <br /> <br />expressed his thanks for the cooperation of the City in the joint shell-building <br /> <br />project. He hopes to present an outline of the project to Council at their next <br /> <br />work session and stated that even though the building has not been <br /> <br />constructed, they are already marketing it and have heard a lot of positive <br /> <br />feedback. There are currently 18 active projects-three of them still directly <br /> <br />with the City. <br /> <br />Jim Tobin, Executive Director of Piedmont Community Services, gave an <br /> <br />overview of a Resolution to be adopted giving Piedmont Community Services <br /> <br />the authority to borrow funds. He explained that original legislation creating <br /> <br />"community services boards" did not specifically authorize their borrowing <br /> <br />funds or incurring long-term debt, but an amendment does allow such <br /> <br />borrowing subject to the specific approval of the participating political <br />