Minutes 10/14/1980 - Laserfiche WebLink

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.., "'el .( ._l. C) TUESDAY OCTOBER 14, 1980 Council unanimously accepted, with appreciation, a donation of $6,000.00 from the Martinsville Community Recreation Association as one-half of the amount this ~oupwill contribute to the City toward the construction of a broadcast-concession stand facility at English Field, with Council also unanimously appropriating the sum of $12,000.00 for this purpose and directing the modifying of the City's 1980-81 Budget accordingly. Mr. Irving M. Groves, Jr., President & Chief Executive Officer of the Piedmont Development Trust Bank, as Chairman of the Martinsville Industrial/Authority, presented a review of that agency's activities since its organization in 1972, noting that during the past eight years the agency has processed seventeen inducement resolutions in the total amount of $38,600,000.00, of which resolutions eight have become debt instruments or financing issues in the amount of $19,360,000.00 and four others are presently under consideration, all without restrictive covenents, with no issues in default and none being legally contested. Chairman Groves further reported that an annual audit procedure for the agency is contemplated which will generate reports on an annual basis. Mr. Henry E. Childress, President of Sale Knitting Company (a division of Tultex Corporation), appeared before Council with a projection of the water and sewer service needs his company will require, contingent upon anticipated expansion of Sale Knitting Company as well as upon the City's ability to supply such needs. Mayor Greene informed Council that an official of Pannill Knitting Company, Inc., has indicated to him that Pannill Knitting is also contemplating expansion and, as a result, will require within five years twice the amount of water it currently is using. Council referred these matters to City Manager Edmonds for study and for a report to Council in the near future.