Minutes 09/03/1998 - Laserfiche WebLink

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THURSDAY, SEPTEMBER 3, 1998 awarded. When asked what existing shell buildings might serve as good examples, facilities in Carroll County, Waynesboro, Pulaski, and Pittsylvania County were cited. At the dose of the telephone conversation Mr. Hamed pointed out that the Shell Building Program was essentially a loan program designed to help communities which were financially stressed and could not readily afford to finance such projects at regular market rates. Mr. Hamed also noted the importance of the relationship that occurs between the VEDP and a participating jurisdiction when a shell building is in place, in that the VEDP works very hard to help the locality market the building, in order to recover the construction ~mds as soon as possible. Council Member Haskell stated that it was clear that rapid turnover of the buildings in the program was important. Further discussion among Council, staff and the engineering consultant then took place, covering the subjects of building design and location, optimum building size and expandability, and transportation issues. Mr. Hubbell presented design concepts and architectural renderings relative to a recommendation for a shell building in the Clearview Business Park development. A building of 50,000 to 60,000 square feet with expansion capability to 100,000 to 120,000 square feet was proposed. Discussion then ensued concerning size, placement, configuration and architectural features of the proposed building. There was general agreement that any building constructed should have as much flexibility as possible in terms of expansion and finish features. Mr. Hubbell estimated that construction of the proposed building would cost about $1 million, including about $170,000 for site costs. Mr. Hamed stated that, although construction funds might not be available until the process for the VEDP loan was acquired, the design work and other elements of preparation for the shell building could move ahead and be reimbursed later from this or some other funding source. He also stated that taking such initiatives would not jeopardize the City' s competitiveness in the Shell Building Fund competition. Council Member Haskell asked City Manager Earl Reynolds what other funding sources might be available if the Shell Building Program effort proved unsuccessful. Mr. Reynolds replied that there were several options, including the Industrial Development Authority and the Martinsville Housing and Redevelopment Authority. He stated that, although the interest rate would not be as favorable, the payments could be structured over a longer period, to reduce annual costs. The general consensus of Council