Laserfiche WebLink
TUESDAY, DECEMBER 12, 1989 <br /> <br />Council unanimously approved a proposed purchase option agreement with the <br />Martinsville-Henry County Economic Development CorpOration, to become effective <br />January 1, 1990, at the expirationof a current agreement ·(recently extended by <br />Council through December 31, 1989), by which the Economic Development <br />Corporation will undertake to market four City-owned parcels or tracts of land <br />situated in the City's Industrial Park. Although the Economic Development <br />Corporation had urged that the sale price for each tract be considerably less <br />than proposed by City Manager Brown, Council unanimously accepted the Manager's <br />valuations which the Manager reported were 1984 appraisals plus 10% <br />appreciation. In approving said agreement, members of Council cited advantages <br />accruing to the City-owned parcels, such as afforded by rail facilities as well <br />as access to nearby U. S. Route 220. The approved valuations were as follows: <br /> <br /> 1. Tract No. 14, consisting of 25 acres, @ $7,700.00 per <br /> acre ...... $192,500.00; <br /> <br /> 2. Tract No. 15, consisting of 14 acres, @ $5,000.00 per <br /> acre ...... $ 70,000.00; <br /> <br /> 3. Tract No. 16, consisting of 13 acres, @ $3,923.00 per <br /> acre ...... $ 51,000.00; <br /> <br /> 4. Tract No. 17, consisting of 11 acres, @ $2,500.00 per <br /> acre ...... $ 27,500.00; <br /> <br />On the basis of a recent ruling by the Virginia Supreme Court, Council <br />unanimously authorized and directed that the sum of $1,114.79 be refunded to <br />Phoenix Leasing, Incorporated, being the sum of 1988 personal property taxes <br />erroneously assessed by the City and paid by Phoenix Leasing on computer <br />equipment leased by Phoenix Leasing to Tultex Corporation. Council stipulated, <br />in directing this refund, that no interest is to be paid by the City or added <br /> <br />to the sum to be refunded. <br /> <br /> <br />