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50 <br /> <br /> TUESDAY, JANUARY 24, 1995 <br /> a $118,000 project, with 38,.000 bein~ the City's contribution..Of the <br /> S38,000, S20,000 would be in cash (funds which were contained in the FY <br /> -~94~95~CaUital Expenditure Program) and $18,000 would be in the form of <br /> <br /> 'an l~kin~CQn~ribution (paving and restriping the lot). Ms. Dalla <br />~?~iVecch~a no~e~ this7 project was recommended in the Uptown Action Plan. <br /> <br />?~In response to a question by Mayor Adams, Ms. Dalla Vecchia stated that <br /> no parkin~ spaces would be lost as a result of the project, which will <br /> include the construction of an exterior wall and an information kiosk. <br /> Edie Reed, Executive Director of the Gateway Streetscape Foundation, <br /> spoke in support of the project. Upon motion, duly seconded and by <br /> unanimous vote, Council adopted the following Resolution: <br /> <br />WHEREAS, in accordance with Commonwealth Transportation Board <br />construction allocation procedures, it is necessary that a request by <br />resolution be received from the local ~overnment in order that the <br />Virginia Department of Transportation propram an enhancement project in <br />the City of Martinsville; now, therefore, <br /> <br />BE IT RESOLVED that the Council of the City of Martinsville, Virginia, <br />in regular session assembled January 24, 1995, requests the <br />Commonwealth Transportation Board to establish a project for the <br />improvement of the Brid~e/Church/Main Street parking lot; and <br /> <br />BE IT FURTHER RESOLVED that the Council of the City of Martinsville <br />hereby.a~rees to pay twenty percent of the total cost for planning and <br />design, right of way, and construction of this project, and that, if <br />said Council Subsequently elects to cancel this project, the Council of <br />the City of Martinsville hereby a~rees to reimburse the Virginia <br />Department of Transportation for the total amount of the costs expended <br />by the Department through the date the Department is notified of such <br />cancellation. <br /> <br />Council acknowledged a financial report for the month ending December <br />31, 1994. Director of Finance RichardFitts was present to respond to <br />questions from the members of Council. Mr. Fitts also noted a <br />memorandum which had been provided to the members of Council which <br />stated that the recent investment of $500,000 in the Refuse <br />Collection/Landfill Fund was a direct obligation of the Federal Home <br />Loan Bank system and not a "derivative" type of security. <br /> <br /> <br />