Minutes 02/26/1982 - Laserfiche WebLink

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',.j. ~, ,) t'.y FRIDAY FEBRUARY 26, 1982 A special and duly-called meeting (by order of City Council from its regular meeting held February 23, 1982) of the Council of the City of Martinsville, Virginia, with Mayor Barry A. Greene presiding, was held Friday, February 26, 1982, in the Council Chamber, City Hall, beginning at 10:30 A.M., for the purposes of conducting a public hearing on, and considering and/or authorizing the filing of, an application with the U. S. Department of Housing & Urban Development for a UDAG grant of $3,000,000 to be converted into a loan to The Budd Realty Corporation to help finance the cost of expanding and re-tooling of the local Budd Company plant in order that this plant might be converted from its former usage as a motor vehicle trailer manufacturing plant to the manufacturing of passenger rail cars, details of which proposed expansion and re-tooling, and the purposes thereof, were outlined before Council at its meeting held February 23, 1982. With the exception of Councilman Francis T. West, who was away from the City, all members of Council were present, viz., Barry A. Greene, Mayor; William C. Cole, Jr., Vice Mayor; L. D. Oakes; and Henry C. Reed. Following the invocation, City Manager Edmonds informed Council that: A. The duly-advertised administrative public hearing on this matter and application was conducted at 9:00 A.M., in the Council Chamber, at which hearing three citizens were present, they being Mr. W. R. Broaddus, III, Attorney at Law, and Mr. & Mrs. Jimmy Cassell (Mr. Cassell having been employed at the local Budd Company plant until its closing in 1980), with Mr. Cassell supporting the filing of the UDAG application and expressing hope that the plant would be re-opened under the plan presented; whereas, Mr. Broaddus questioned the financial stability of The Budd Company as well as the merits of the proposed financing; and B. The West Piedmont Planning District Commission has conducted the required A-95 Review for this project and has officially recorded its concurrence therewith. In addition, City Manager Edmonds provided members of Council with pertinent excerpts from the proposed UDAG application, consisting of Part I of Standard Form 424, Part II (Sections A and B, descriptions of the project), UDAG Form 1, UDAG Form 5, and UDAG Form 6.