Agenda 08/26/2008 - Laserfiche WebLink

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July 31, 2008 A special called meeting of the Council of the City of Martinsville, Virginia, was held on July 31, 2008, in Council Chambers, Municipal Building, at 7:00 PM, with Mayor Kathy Lawson presiding. Council Members present included: Kathy Lawson, Kimble Reynolds, Jr., Gene Teague, Mark Stroud, Sr., and Danny Turner. Staff present included: Clarence Monday, Brenda Prillaman, Eric Monday and Wayne Knox. Mayor Lawson opened the meeting and led the Pledge to the flag. Mark Heath of the Martinsville-Henry County Economic Development Corporation introduced his associate, Leigh Cockram, Director of Marketing/Recruiting of the EDC. He then reported to Council on the following Issues: Shell Building-A second shell building is proposed for Lot lOIn the Patriot Centre with a size of 100, 000 sq. ft., expandable to 190,000 sq. ft. Projected construction cost is $3,000,000 with City's estimated investment to be $42, 570/year beginning in year 2. Harvest Foundation participation is not requested this time and they will not be asked to participate in the beginning. Points made regarding the shell building included: there are only two publicly owned shell buildings In Virginia at this time; EDC Board has approved architectural/ engineering and carrying costs during the construction phase and for one year after completion; Henry County Industrial Development Authority will own the building and will secure construction financing.; expenses have to be recouped before revenue sharing lots will share tax revenues and then the city will benefit; PSA will supply the water and city will treat the sewer; having an active shell building will be a tremendous boost for prospect activity and this new shell building will be marketed nationally. Council member Turner pointed out that with the RTI deal, the city won't receive any revenue until the seventh year. On a motion by Vice Mayor Kimble Reynolds, Jr., seconded by Gene Teague, Council agreed with a 4-1 vote, with Council Member Danny Turner casting the dissenting vote to go forward with constructing the proposed shell building on Lot 10 in the Patriot Centre with the City's estimated investment of $42,570/year beginning in year two.