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122 <br /> <br />TUESDAY, JANUARY 13, 1998 <br /> <br />WHEREAS, Hooker Furniture Corporation has made this property available to the City for the City's use <br />exclusively for public purposes and for the intended purposes of minor league baseball and recreation as <br />established by the City of Martinsville; and <br /> <br />WHEREAS, the gifted property will be providing opportunities for key recreational development projects <br />that will result in improved recreation, tourism, expansion of youth opportunities and improved quality of life; <br />now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session assembled January <br />13, 1998, that it does hereby thank and recognize Hooker Furniture Corporation for its contribution in <br />supporting recreation programs and economic growth in the City of Martinsville and Henry County. <br /> <br />With regard to the next item on Council's Agenda, Business from the Floor, there were no speakers. <br /> <br />The next item for Council's consideration was a presentation by the Martinsville Uptown Revitalization <br />Association regarding a Market Analysis Study of Martinsville done by a team of graduate students from <br />Virginia Tech. Mr. Gary Collins, Chairman of the Martinsville Uptown Revitalization Association Economic <br />Restructuring Committee, introduced Dr. Michael Hensley of Virginia Tech, and cited the fact that Dr. <br />Hensley and his graduate student had accomplished the analysis at a cost of about $1,500, as opposed to an <br />estimated cost of as much as $15,000 for a professional consultant firm to do the work. Dr. Hensley then <br />went on to explain the process and methodology used for the study, which tracked very closely the approach <br />recommended by <br />the Main Street Program. In addition to examination of Demographic Analysis and Trends, Dr. Hensley <br />stated that surveys of business owners and shoppers were performed, along with representative focus groups. <br />The business and retail analysis resulted in the identification of a number of strengths and weaknesses of the <br />business community. Strengths included strong support by the business community for a revitalization effort, <br />small town feel, friendliness of people and the uptown environment, competitive potential for market share of <br />business, and the accomplishment of a good foundation for future revitalization success. Weaknesses cited <br />included challenges to keep retail prices competitive with malls and larger retailers, the need for more <br />specialty and/or niche market shops, limited hours of operation for the business in the Uptown, and <br /> <br /> <br />