Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br />200 <br /> <br />TUESDAY <br /> <br />OCTOBER 25, 1983 <br /> <br />In acknowledging receipt of a report of the City's financial transactions and condition <br /> <br />at the end of September 30, 1983 (representing and covering the first quarter of the <br /> <br />City's 1983-84 budget year), as prepared by Mr. Richard D. Fitts, Director of Finance, <br /> <br />Council asked for certain additional or supplementary information (to be presented at <br /> <br />Council's forthcoming November 8th meeting) on certain matters relating to the City <br /> <br />School budget. <br /> <br />By report dated October 19, 1983, presented at this meeting, City Manager Edmonds <br /> <br />informed Council that, because of tax rulings and interpretations, Piedmont Trust Bank <br /> <br />has withdrawn its proposal to provide tax-exempt funds "leveraged" with Community <br /> <br />Development Block Grant ("CDBG") funds to finance housing rehabilitation projects within <br /> <br />the City and, therefore, the "leveraging" aspect must be abandoned and the City must <br /> <br />proceed with the program under guidelines previously followed. Mr. Edmonds further in- <br /> <br />formed Council that, of the forty low-and-moderate-income units anticipated to be <br /> <br />rehabilitated under the CDBG application, thirty-one have been completed and five loan <br /> <br />applications are in various stages of processing, with $130,000.00 remaining from the <br /> <br />grant of $600,000.00. Mr. Edmonds concluded his report with an indication that <br /> <br />possibilities for extending the Housing Rehabilitation Program will be explored, which <br /> <br />may be in the form of a new application for State CDBG funds early next year and/or <br /> <br />participation in a new tax-exempt loan program sponsored by the Virginia Housing <br /> <br />Development Authority. <br /> <br />Pursuant to Section 2.1-344(a)(2) of the CODE OF VIRGINIA (1950, and as amended) and <br /> <br />upon motion, duly seconded and unanimously carried, Council convened into an Executive <br /> <br />Session for the purpose of considering a proposal to purchase certain real property <br /> <br />for public purposes. Upon reconvening into regular session, Council took no action <br /> <br />on this matter. <br />