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<br />356 <br /> <br />TUESDAY <br /> <br />JANUARY 14. 1975 <br /> <br />maintained on the revised and increased property valuation appraisals. <br /> <br />Upon motion. duly seconded and unanimously carried, Council convened into <br /> <br />an Executive Session for the purpose of considering real estate matters <br /> <br />involving the CBD Commission. as hereinbefore referred to in these minutes. <br /> <br />Following this Executive Session. Council reconvened into regular session and, <br /> <br />upon motions (duly seconded and unanimously carried). authorized the following <br /> <br />on behalf of the Martinsville Redevelopment & Housing Authority, which Council <br /> <br />constitutes: <br />(a) the leasing to Eagle Stores. Inc., effective April 1, 1975. the <br />four properties already purchased or being purchased by the <br />Redevelopment & Housing Authority for a period of nine months <br />and automatic renewal for additional periods of nine months, <br />with right of cancellation by either party upon 180 days' <br />notice prior to expiration of any nine-month period; and <br />(b) the execution of a purchase option with the owners of the <br />"Salmons" property. within Phase 1 of the CBD project, for <br />and in consideration of a purchase price of $37,887.00. with <br />said Authority to obtain possession of said property at time <br />of demolition thereof or upon termination of the present <br />owners' lease with present tenant. whichever is first. <br /> <br />Council was adjourned. <br /> <br />w. ~:--~Cl~rk of Council <br />