Minutes 01/14/1986 - Laserfiche WebLink

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TUESDAY, JANUARY 14, 1986 _. A. Authorized City Manager Brown to execute, on behalf of the City, an amended lease agreement between the City and The Boaz Foundation whereby the City will reimburse said Founda- tion the sum of $24,865.00 for cost incurred in having in- stalled a required sprinkler system in the City-owned Joseph Martin School Building in which the Foundation's Virginia Museum of Natural History is operated; and Council agreed to pay for cost of a recent appraisal made of this property at the City's request, said cost being $810.00, with the total of these two costs (being $25,675.00) being appropriated, subject to compliance with required budget amendment pro- cedures; and B. Authorized the sale--and the execution of an appropriate deed by City Manager Brown on behalf of the City, which deed is to include the "usual" covenants and restrictions-- of a 2.442-acre tract of land within the City's Industrial Park to Martinsville Speedway, Inc., (founded and operated by Mr. H. Clay Earles) for the sum of $36,630.00, being at $15,000.00 per acre. Council also unanimously agreed and/or stipulated by motion, duly seconded, to partic- ipate with the Martinsville-Henry County Economic Development Corporation in the con- struction of a "shell" building within the City's Industrial Park, in accordance with the EDC's recent proposal, with the understandings that (1) the land on which the building is to be constructed is to be deeded to the Henry County Industrial Develop- ment Authority at a price of $5,000.00-to-$7,500.00 per acre, with payment by said IDA .- not to become due until the shell building and its site are sold to an industry, (2) should there be no sale of said building and land (site) by the Henry County IDA with- in two (2) years, interest on the value of the land is to be added to the sale price for the land, and (3) the prepared deed and all other required documents relating to this (Council's) action be presented to City Council for its consideration and approval. Mayor Cole then declared this meeting adjourned. l~.lrorv W. H. Ye ma , Clerk of Council * Pursuant to Council's action of 01-28-36 in approving these' . utes, the record reflects the retention of $10,000.00 in the City's current 1985-36 budget for the acquiring and installing of an adequate sound system in Council's Chamber. See page 196 of these minutes. W.O~~~a~~~Cl~rk of Council . f 199