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<br />~48 <br /> <br />TUESDAY, JANUARY 13, 1987 <br /> <br />Upon recommendation of City Manager Brown, Council authorized the purchase of <br /> <br />Citizens Bank Group's property (in accordance with terms and conditions of a <br /> <br />purchase-option agreement approved by Council at its special meeting held November <br /> <br />7, 1986), being three parcels of land situated on the south side of West Main Street <br /> <br />and/or abutting Moss Street between West Main Street and West Church Street, all for <br /> <br />the total sum of $139,000.00 (including $5,000.00 paid for option), said purchase <br /> <br />authorization being contingent upon purchase by Elledge & Associates of near-by <br /> <br />property from the City's Redevelopment & Housing Authority (see, also, minutes of <br /> <br />Council's meeting of November 7, 1986) for a proposed hotel complex. <br /> <br />In order to assist Elledge & Associates in the development of its planned hotel <br /> <br />project (see preceding paragraph), and at the request of Elledge & Associates, by a <br /> <br />vote of four-to-none (Councilman Groden abstaining) Council adopted a resolution <br /> <br />authorizing the filing of an application with the United States Department of <br /> <br />Housing & Urban Development for "UDAG" funds in the amount of $2,000,000.00 which, <br /> <br />if the application is approved, will be loaned to Elledge & Associates to assist in <br /> <br />the financing of the hotel project, with repayments of the loan proposed to be used <br /> <br />by the City for community development projects. The resolution follows: <br /> <br />WHEREAS, the City of Martinsville, Virginia, is committed to promote <br />economic development; and <br /> <br />WHEREAS, there has been proposed an Urban Development Action Grant <br />application intended to assist in the development of a 120-room <br />hotel located at the intersection of Main Street, West Church Street <br />and North Bridge Street within the City; and <br /> <br />WHEREAS, this application, if successful, will result in the <br />creation of new employment opportunities, and generation of <br />additional taxes; now, therefore, <br /> <br />BE IT RESOLVED by the City Council of the City of Martinsville, <br />Virginia, in regular session assembled, that said Council hereby <br />approves for submission an Urban Development Action Grant <br />application to the United States Department of Housing and Urban <br />Development; and <br /> <br />BE IT FURTHER RESOLVED that the City Manager is authorized to sign <br />all necessary documents related to the Urban Development Action <br />Grant Program. <br />