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i46 <br /> <br />TUESDAY, MAY 28, 1991 <br /> <br />in the form of reserved capacity, as stated in William C. Overma~s letter to <br />the PSA dated May 6, 1991. Mayor McClain said that once the buy-back is <br />approved, the PSA no longer has a "1/3 perpetual interest." Mr. Brown <br />explained that the 1974 agreement between the City and the PSA provides for <br />capacity purchase by either party if the other party has available excess <br />capacity. Upon motion, duly seconded and by unanimous vote, Council approved <br />the buy-back of 2.27 MGD from the PSA in the amount of $3,170,643. Mayor <br />McClain and Mr. Brown presented a check in this amount to Mr. Tom Ferguson, <br />Treasurer of the PSA. <br /> <br />Council conducted a public hearing on a request by Weaver Investment Company <br />for a Special Use Permit to construct 38 apartments, known as Martin's <br />Landing Phase II, at 1151 East Church Street. There being no public comment, <br />Mayor McClain declared the public hearing closed. Upon motion, duly seconded <br />and by unanimous vote, Council approved the issuance of the Special Use <br />Permit, subject to the conditions as set forth by the Planning Commission. <br /> <br />Council conducted a public hearing on a proposal by the Planning Commission <br />to amend the Proposed Land Use Plan to redesignate Lots 25 and 26, located <br />east of Brookdale Road and northeast of Griggs Road, as Professional rather <br />than their current designation of Medium Density Residential. There being no <br />public comment, Mayor McClain declared the public hearing closed. Upon <br />motion, duly seconded and by unanimous vote, Council adopted the following <br />Ordinance: <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, <br />Virginia,-in regular meeting assembled March 26, 1991, that the <br />Proposed Land Use Plan of the City of Martinsville, Virginia, be-- <br />and is hereby--amended to redesignate Lots 25 and 26, located east <br />of=Brookdale Road and northeast of Griggs Road, as Professional' <br />rather than their current ~designation of Medium Density <br />Residential. <br /> <br />BE IT FURTHER ORDAINED by said Council that, an emergency existing, <br /> <br /> <br />