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<br />- 3 - <br /> <br />Committee Investigation <br /> <br />. Land Values - Based on other similar lakes such as Smith Mountain and Lake Anna. <br /> <br />land values can be expected to increase at least lOX within five years. LLmd'values <br /> <br />would not only increase on the lake but also in the general area becausL' of the <br /> <br /> <br />increased residential and commercial growth. <br /> <br />. Taxes - A study by the Select Citizens Committee projected a $12,000-15.000 10s5 <br /> <br />in property tax revenue on land purchased by the city who would pay no taxes. <br /> <br /> <br />However, the proj ected increase in land value, residential and commercial growth <br /> <br />will easily overcome this shortage within five years. <br /> <br />. Road; - The proposed State Highway 58 bypass will cross the upper end of the <br /> <br />lake and can be of great value as a major access road for both sides of the lake. <br /> <br />Current plans do not call for any interchanges. but if the lake is built. consultation <br /> <br />with the Highway Department should be undertaken to provide proper interchanges. <br /> <br />This will also provide a good route for water and sewer lines (See Attachment 1. <br /> <br />a map of area, including all existing roads) . <br /> <br />~- <br /> <br />Further study will be needed when detailed maps are available to determine if any <br /> <br />bridge other than 58 bypass is needed. This could be a cost saving to Martinsville <br /> <br />or this money could be used to upgrade other roads (i.e. , road across dam) or <br /> <br /> <br />a visitors I center near the dam. <br /> <br />Access roads should be part of the land use plan. <br />