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166 <br /> <br /> TUESDAY, OCTOBER 27, 1998 <br />time. Council Member Haskell noted that the terms available for the funds were extremely favorable. <br /> <br />The Public Hearing was then opened. There were no speakers, and the Mayor dosed the Public Hearing. <br />Upon motion by Vice-Mayor Teague and second by Council Member Dallas, and by unanimous vote, all <br />members voting, (5-Ayes--Crabtree, Teague, Dallas, Haskell and Roop; 0-Nayes), Council approved the <br /> <br />following Resolution: <br /> <br />RESOLUTION OF COMMITMENT <br /> <br />WHEREAS, the governing body of the City of Martinsville, Virginia, is interested in the economic well- <br />being of its citizenry and the community at large; and <br /> <br />WHEREAS, the said City Council is prepared to support appropriate efforts within the community to <br />become totally prepared to promote economic development; and <br /> <br />WHEREAS, the Virginia Economic Development Partnership is offering a program which is specifically <br />designed to build marketable industrial shell buildings; and <br /> <br />WHEREAS, this program is entitled the Virginia Shell Building Initiative; now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, that said City wishes to <br />participate in the Virginia Shell Building Initiative, and that the leadership of this community fully <br />realizes this program requires financial support; and <br /> <br />BE IT FURTHER RESOLVED, that a public hearing has been held on October 27, 1998, by the City <br />Council concerning the application and disposal of the proposed shell building and related real estate; and <br /> <br />BE IT FURTHER RESOLVED, that said Council unde'rstands that both the principal and interest is to <br />be repaid at the time of sale or lease or at the end of five years, whichever is sooner; and <br /> <br />BE IT FURTHER RESOLVED, that the Martinsville City Council designates the Patrick Henry <br />Development Council as the local marketing agent for this shell building; and <br /> <br />BE IT FURTHER RESOLVED, that this Council designates Thomas L. Harned, Martinsville's <br />Assistant to the City Manager for Development, as the local contact for this loan. <br /> <br />This Resolution is in full effect upon its adoption this 27th day of October, 1998. <br /> <br /> Council next considered rescinding action taken on Ordinance No. 98-11 amending Chapter 1- <br />General Provisions, Section 1-15--Special Court Costs Assessments, Subsection (a) Law Library of the <br /> <br /> <br />