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<br />i" J <br /> <br />FRIDAY <br /> <br />FEBRUARY 26, 1982 <br /> <br />handout. And let the City Council prove its commitment to industrial <br />development, based on sound fiscal policies. Otherwise, this loan <br />reeks of a most blatant hypocrisy. Here is Reagan, making mincemeat <br />out of social programs, like cutting back of our children's remedial <br />reading program, while this kind of charity is available to a huge <br />multi-national conglomerate. Under Reaganomics, and this is a classic <br />example of Reaganomics, free enterprise is just that -- free for the <br />corporations, but not so free for the rest of us. <br /> <br />Other questions followed, to which Mr. Doane responded, concerning the proposed <br /> <br />financing and the interest rate thereon yet to be determined, if the grant application <br /> <br />is approved, by the U. S. Department of Housing & Urban Development; and, in addition, <br /> <br />Mr. Charles Nicklas, of the State Division of Industrial Development, described the <br /> <br />role the Governor's office has played in the project and the support thereof, <br /> <br />attested to by the State's assurance that it will underwrite the cost (estimated to <br /> <br />be as much as $400,000.00) of re-training and/or training of employees, the number of <br /> <br />which is expected to reach 600 when the plant is in full operation, and the <br /> <br />probability that the Governor's office and the Commonwealth of Virginia would have <br /> <br />provided some of the funds for the plant expansion and re-tooling except for <br /> <br />constitutional restrictions. Too, as Vice Mayor Cole pointed out, the focus of the <br /> <br />City's interest in this project is to create new jobs and to complement the City's <br /> <br />housing policy. <br /> <br />With the public hearing portion of this meeting being closed only after all persons <br /> <br />desiring to speak to the project had been heard, and upon motion, duly seconded and <br /> <br />unanimously carried, Council adopted the following resolution authorizing the filing <br /> <br />the application for federal funding in the amount set forth therein under the Urban <br /> <br />Development Action Grant program (i.e., UDAG): <br /> <br />WHEREAS, Martinsville City Council, having considered at its regular <br />meeting held February 23, 1982, the request from Budd Realty Corporation <br />dated February 19, 1982, that the City of Martinsville file an Urban <br />