Minutes 07/25/1989 - Laserfiche WebLink

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TUESDAY, JULY 25, 1989 had not recommended in his 1989-90 budget the "reconditioning" project because he and Recreation Director Herbert O. Hughes were of the opinion that a much less expensive sealing of major cracks in the court surfaces would suffice for this year and that the cost of more major repairs would be included in the 1990-91 City Budget. Meanwhile, Councilman Cole, assuming that funds are included in the annual budgets for the maintenance of all tennis courts, inquired as to the condition of the City-owned tennis courts.as well as suggested that City Manager Brown identify items he eliminates from future recommended budgets, whereas Vice-Mayor Willjams expressed his opinion that maintenance of City-owned tennis courts has been neglected. City Treasurer. John W. Bouldin, Jr., reported that the City earned a total of $37,710.26 on its regular checking accounts during the quarter ended June 30, 1989, and a total of $136,209.85 as interest on these checking accounts during the fiscal year ended June 30, 1989. Mr. Bouldin also reported that the City owns certificates of deposit, which belong to the City's utility funds, in the total amount of $6,675,894.54, currently earning from 9.05% to 9.875%. Council acknowledged receipt of a communication from Mr. William F. Stone, Jr., Attorney at Law, with which was attached a copy of Trustee's Notice of Re-sale of Property (Mr. Stone being attorney for the trustee), which sale will be conducted August 9, 1989, for that property sold to--and deeded to-- Martinsville Development Associates by the City's Redevelopment & Housing Authority under date of January 20, 1987, as a site for the construction, operation and maintenance of a hotel facility. During the ensuing discussion of this matter, City Attorney Worthy advised Council that, if anyone else (other than the City) obtains title to the property, the proviso that a hotel