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TUESDAY, JANUARY 12, 1988 <br /> <br />earned income sources. Council's action on this request was with the <br />understanding that, either by stipulations in the deed of conveyance (which <br />would also be binding upon the Commonwealth of Virginia) or by separate <br />agreements, ownership of the property would revert to the City of Martinsville <br />in the event the Museum ceases to exist (at that location) and, too, the New <br />River Regional Police Academy will be allowed to occupy the "annex" building <br />until its current lease thereon expires. <br /> <br />Mr. Maurice R. Elledge, of Maurice Elledge & Associates, both by letter and in <br />person, informed Council that--notwithstanding the denial during the past twelve <br />months, because of lack of funds~ of three separate applications for UDAG <br />funding assistance towards his firm's proposed hotel project in downtown <br />Martinsville, construction of which was to have begun on or before January 13, <br />1988, in accordance with deed by which the site was purchased from the City as <br />of January 13, 1987--the project remains alive and viable and that other funding <br />sources for the project are being actively pursued. Accordingly, Mr. Elledge <br />requested that the project start-up time be extended to September 30, 1988, with <br />the understanding that the City may continue to use the property during that <br />extended period for its municipally-operated off-street parking lot in <br />accordance with the terms of the existing lease agreement therefore. Too, the <br />understanding would include in effect the continuation and extension of the <br />"buy-back" proviso by which the City may re-purchase the property in the event <br />the project fails to develop. Responding to some concerns expressed by a number <br />of local citizens, as relayed by Councilman McClain, that the project might not <br />become a reality, Mr. Elledge informed Council that not only does he have a <br /> <br /> <br />