Agenda 05/11/1999 - Laserfiche WebLink

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MONDAY, MARCH 29, 1999 At the conclusion of this Executive Session, each member of Council certified that (1) only public business matters exempt from open meeting requirements were discussed in said Executive Session; and (2) only' those business matters identified in the motion convening the Executive Session were heard, discussed, or considered during said Session. The School Board also returned to open meeting at this time. Following their return to open meeting Council took the following actions: A, Adopted the following Resolution on an Emergency basis, thereby providing for the purchase by the City of the former Grant Building, located at 22 East Church Street, Martinsville, Virginia, which had most recently served as corporate offices for the Tultex Corporation. Adoption of this Resolution was accomplished by the following vote: Vote: 3-0 Yeas: (3) Crabtree, Dallas, Haskell. Nays: (0) None. Abstentions: (2) Roop, Teague. RESOLUTION WHEREAS, Tultex Corporation has offered to sell that certain premises located at 22 East Church Street in the City of Martinsville, Virginia and being popularly known as the Tultex corporate office building, to the City of Martinsville, Virginia and School Board of the City of Martinsville, Virginia, for the sum of Seven Hundred Thousand Dollars ($700,000.00), Four Hundred Thousand Dollars ($400,000.00) of which will be cash in hand paid by the City of Martinsville, Virginia to the said Tultex Corporation at closing, and the balance of Three Hundred Thousand Dollars ($300,000.00) to be evidenced by that certain negotiable promissory note dated March 31, 1999, in the principal amount of Three Hundred Thousand Dollars ($300,000.00) bearing interest at the rate of five per centum (5%) per annum, said note made by the School Board of the City of Marfinsville, Virginia to Tultex Corporation and payable in five (5) equal, annual installments of Sixty Thousand Dollars ($60,000.00) each plus