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<br />l) <br />~~ <br /> <br />JUNE 8, 1982 <br /> <br />TUESDAY <br /> <br />land in Martinsville and Henry County. <br /> <br />3. That the respective governing bodies (Henry County Board of <br />Supervisors and Martinsville City Council) recognize the <br />increasing need for industrial growth and consider the necessity <br />for financial backing of a unified City/County effort. <br /> <br />4. That the Martinsville City Manager and the Henry County <br />Administrator formulate, with the consent and advice of the two <br />Authorities, a tax-sharing plan between the County and the City <br />for land now owned by the City. <br /> <br />Also, in acknowledging receipt of the following supplement to the foregoing report, <br /> <br />Council unanimously rejected bids (see minutes of Council's meeting of May 11, 1982, <br /> <br />pages 255 and 256) received for the purchase of the City's Smith Lake property and the <br /> <br />City's Poor House Farm property: <br /> <br />During the regular meeting of Council on May 25, 1982, the matter of <br />possible sale of certain City-owned property was discussed. Council <br />requested the Sub-Committee to obtain professional appraisals of two <br />parcels of land. <br /> <br />A summary of the appraisals follow: <br /> <br />Ed Saville, Appraisor (of Burch-Hodges-Stone, Inc.) <br />Smith Lake Property. . . $ 84,600 ($1,800/acre) <br />Poor House Farm Property . . . . . $105,000 ($1,909/acre) <br /> <br />Stafford Whittle, III (of Burch-Whittle Corporation), Appraisor <br />Smith Lake Property. . . . $100,000 ($2,217/acre) <br />Poor House Farm Property . . . . . $110,000 ($2,000/acre) <br /> <br />The Committee concludes that the highest and best use for the 47-acre <br />Smith Lake Road property is for job-producing industry. With this <br />conclusion, the Committee recommends that this property be joined <br />with the ISO-acre Industrial Park property and therefore (be) subject <br />to the same policies. <br /> <br />The highest and best use for the Poor House Farm property is residential. <br />The Committee suggests that Council wait until the economy improves <br />before considering sale of this property. <br /> <br />City Manager Edmonds informed Council that proposed legislation is now before the <br />