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<br />14. <br /> <br />JULY 25, 1983 <br /> <br />MONDAY <br /> <br />In accordance with the provisions of Section 5(a) of Chapter 2 of the Charter of the <br /> <br />City of Martinsville, Virginia, and by call of Mayor William C. Cole, Jr., and City <br /> <br />Manager Don R. Edmonds, a special meeting of the Council of the City of Martinsville, <br /> <br />Virginia, was held Monday, July 25, 1983, in the Council Chamber, City Hall, beginning <br /> <br />at 10:00 A.M., for the purpose of receiving and considering current status reports-- <br /> <br />and for taking such action thereon as deemed necessary--on the City's proposed Ridge- <br /> <br />way Hydroelectric Project. With the exception of Councilman Francis T. West (who was <br /> <br />away from the City), all members of Council were present, viz., William C. Cole, Jr., <br /> <br />Mayor and presiding officer; L. D. Oakes, Vice-Mayor; Henry C. Reed; and Eliza H. Severt. <br /> <br />Also present, among guests and citizens, were former Mayor William D. Hobson, former <br /> <br />Mayor Barry A. Greene, former City Manager Thomas B. Noland, members of the City's <br /> <br />Select Citizens Advisory Committee (including its Chairman, Mr. George B. Adams, Jr.), <br /> <br />Mr. Walter W. Craigie, Jr., Executive Vice-President of Wheat First Securities, Inc. <br /> <br />(representing the City's financial advisors for the project), and Mr. George V. Nielsen, <br /> <br />of R. W. Beck & Associates, the project's consulting engineers. <br /> <br />After the invocation, followed by the stating of the purpose of this special meeting and <br /> <br />the extending by Mayor Cole of a warm welcome to citizens and visitors present, Council <br /> <br />received the following report and recommendations, with regard to the proposed Ridgeway <br /> <br />Project, as prepared and submitted by City Manager Don R. Edmonds: <br /> <br />Background <br /> <br />On January 31, 1983, the City Council met with its various consultants <br />for detailed review of the status of the Ridgeway Hydroelectric Project. <br />This was prior to the formal acceptance by FERC of the City's application <br />for a license, which action would signal the beginning of a lengthy and <br />expensive period of application "processing". <br /> <br />The essential conclusion of the meeting was that <br />economic feasibility was increasingly debateable. <br />all the reasons for this, a major issue involved <br /> <br />the project and its <br />Without reiterating <br />the projection of <br />