Agenda 03/23/1999 - Laserfiche WebLink

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Railroad were able to complete their negotiations on the land swap. TUESDAY. MARCH 9. 1999 Council Member Haskell asked when these negotiations might be completed, and was told that he expected a positive response as soon as the Railroad learned of the Council' s favorable consideration of the issue. Council Member Roop asked how large the parking lot created by the action might be, and was told it should hold about twenty cars. Council Member Dallas expressed his hope that Virginia Mirror would keep the surrounding property in a better condition than the Railroad had. Mr. Stanley stated that his company intended to not only clean up the property, but would ask the Railroad to paint the nearby underpass and put up a physical barrier at the closure point of Moss Street as well. As there were no other speakers on this item the public hearing was closed, and Council tabled the matter in question as requested by Mr. Stanley. Council next considered adoption of an Ordinance authorizing the issuance of up to $7,500,000 principal amount of General Obligation Notes for Albert Harris School renovations. Mr. Earl Reynolds, City Manager, stated that this requested action was a continuation of the process for provision of financing of the Albert Harris School Project, to provide interim funding for the project until Literary Loan Funds from the Commonwealth of Virginia. became available for permanent financing. Mr. Reynolds noted that the City had received a very favorable rating on the notes to be issued, and would likely receive a very favorable interest rate. He stated that final action on the Ordinance would not be asked of Council until March 23, at which time the interest rate received would be known. Council Member Haskell then suggested there be more specific language in the final ordinance document noting the two year limit of the notes, and Mayor Crabtree asked for assurance that arbitrage earnings would be allowed with this financing option approach. Council Member Haskell and Vice Mayor Teague then congratulated staff on a job well done in achieving a strong rating for the notes, and Vice Mayor Teague pointed out that the process had proven the strength and soundness of the City's finances. Council then adopted the Ordinance on an emergency basis, as attached and made a part of these minutes, by the following vote, all members voting: