Laserfiche WebLink
<br />MONDAY, DECEMBER 9, 1985 <br /> <br />vehicle parking layout for the east end of the development, with the understanding <br /> <br />that the number of units (viz., 63) will remain the same as initially allowed, that <br /> <br />all other conditions of the original Special-Use Permit remain in force and will be <br /> <br />complied with, and that at the permit-holder's expense there be a dedication and <br /> <br />construction of a temporary turn-around at the end of Wood Street for use until the <br /> <br />entire project is completed. <br /> <br />City Manager Brown reported that, pursuant to Council's recent authorization, he <br /> <br />has obtained bids from local banking institutions (United Virginia Bank did not sub- <br /> <br />mit a bid) for a short-term loan, being for the period December 23, 1985 through <br /> <br />June 30, 1986, in the amount of $880,000.00 to finance the cost of repairs of six <br /> <br />City school building roofs and for which Virginia Literary Fund loans have been <br /> <br />approved and will be made available (up to $880,000.00) to the City upon completion <br /> <br />of the projects. It being determined that the bid submitted by Piedmont Trust Bank <br /> <br />was the lowest of four bids received, being at an annual interest rate of 5.50% on <br /> <br />a 365-day year and requiring interest payment of $25,061.97 for the 189-day term of <br /> <br />the loan, Council unanimously accepted the Piedmont Trust Bank bid. Council also <br /> <br />unanimously authorized the City School Board to proceed with the issuing of invi- <br /> <br />tat ions to contractors to bid on the roof repair projects. <br /> <br />Through City Manager Brown, J. Michael Grubbs, Adminstrative Assistant, presented a <br /> <br />report on the current status of the City's Souths ide Area Housing Rehabilitation Pro- <br /> <br />gram as well as the financing thereof. This report indicated that, through a com- <br /> <br />bination of financing tools now available, the program can be better promoted and <br /> <br />upgraded to achieve a more complete goal of rehabilitating thirty (30) owner-occupied <br /> <br />units and ten (10) rental units. In accepting this report, members of Council urged <br /> <br />that emphasis be on owner-occupied units and that any rental units to be rehabilitated <br /> <br />.,...~ <br /> <br />~18~ <br />-"'- ;) <br />