Minutes 12/07/1972 - Laserfiche WebLink

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}": ...;\ ..a. THURSDAY DECEMBER 7, 1972 ",..-, of the property extending between Church Street and Main Street, westward about 200 feet from Bridge Street. It was stressed that cost estimates being used were the result of calculations made very hastily, of necessity, and that this fact should be kept in mind, and that for purposes of estimating the cost of property acquisition it had been an arbitrary decision to use the values as reflected on the tax records, plus 15%. Using the estimates thus obtained, it was explained that the total cost - of the concept recommended by the Commission would be $1,511,000 with the estimated cost for the City to be $635,000, private investment to be $436,000, and with the intention being to apply for a Federal matching grant in the amount of approximately $440,000. Council, realizing that the HUD representatives had requested that the completed preliminary application be submitted to its Richmond office before the end of the week, on motion made, seconded, and carried on a unanimous vote, authorized the immediate submission of the City's application for Open Space funds, and authorized the City Manager to execute the application and related documents, in the name of the City. Mayor West commended the Commission and its Chairman for its detailed and definitive work which resulted in a specific proposal for revitalization, and recognized the presence and assistance of Senator Stone, and other members of the Commission, as well as Architect Knight and thanked all for their diligent efforts to achieve an early start to downtown revitalization. - The meeting was adjourned at 4:45 P.M. s. . /J 7ldLaR T.~. Noland, Acting Clerk of Council