Minutes 10/24/1967 - Laserfiche WebLink

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'i l (~ ~,i"') ;..' TUESDAY OCTOBER 24, 1967 According to our understanding, your request evolves from your original proposal that, in exchange for right-of-way owned by Pannill Knitting Company along the south side of Mulberry Extension (east of Cleveland Avenue), required by the City of Martinsville, the City convey to Pannill Knitting Company an area of like size (in square feet) from the residue of land the City might own or acquire in the vicinity of your present plant site to replace your off-street parking area required by--and deeded to--the City along said Mulberry Extension. It has been determined that the area of the tract being deeded by Pannill Knitting Company to the City consists of 3,627.69 square feet with a current appraised value, according to current tax records, of 13.53~ per square foot. It has also been determined that the City will have a residue of 2,396.00 square feet from its property identified as "316 Mulberry Extension" which the City will convey to Pannill Knitting Company at the same appraised valuation per square foot, viz., 13.53~. Thus, there remains a difference of 1,232 square feet, representing the consideration of $166.69, for which the City has already issued its check (No. 7862 dated September 28, 1967) in completion of this transaction involving this segment of a comprehensive project, inasmuch as the City has no other available residue at this time to convey to effect the preferable "foot-for-foot" exchange. In recognition of your preference (for land to replace your parking facility, rather than for the monetary consideration for the difference in area the City does not now have available to exchange), the Council has gone on record as expressing the desire to assist you in every possible way, realizing that--because of the magnitude of the total street project, i.e., from Starling Avenue, through Mulberry Extension, across Cleveland Avenue toward Ellsworth Street, and on--some years may have elapsed and the Council may be differently "constituted" before further consideration may be given this preference. It is the intent of the present Council, however, that--if and ~hen available, in the sole discretion of such Council as may be in office-- the City of Martinsville will give Pannill Knitting Company "first" priority to p1lrchase an area for off-street parking, up to a total of 1,232 square feet, from residue of right-of-way the City might own or acquire in the vicinity of your present plant site, at a price per square foot predicated upon appraised valuation of such property then ascertained from tax records or in effect at such time. Furthermore, the phrase "if and when available" shall include the conclusion by such Council that the interests of the City otherwise could not better be served, such as by continued ownership and/or usage by the City or by conveyance to other than Pannill Knitting Company for development thereof, keeping in mind your firm1s intended usage as it might relate to any overall plan the City might have developed or might be contemplating at that time. In addition, the word "appraised" has been underscored to emphasize that it was not upon assessed valuation that the per-square-foot valuation was computed in consUilllllating the transaction hereinbefore described, nor shall any future valuation be so computed for the purposes herein discussed. Meanwhile, the Council gratefully acknowledges your assistance and cooperation in making your Mulberry Extension property available to the City. aman, Clerk of Council