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August 10, 1999 <br /> <br />IDA to finance the project and other documents are to come. Council Member Haskell <br />asked, "What other specific documents are expected?" Mr. Harned responded, "Deed <br />of Trust, note, and memorandum of agreement." City Manager Earl B. Reynolds, Jr., <br />pointed out that the IDA will be liable for the loan. Mr. Harned added that the building <br />and land will collateralize the loan, which will be totally a debt of the IDA. Vice Mayor <br />Teague asked, "Has this process been used by others or is it unique to Martinsville?" <br />Mr. Harned responded, "At least one other community, Halifax, has used the Shell <br />Building Initiative. However, the Virginia Economic Development Partnership did not <br />recommend it." He added that the bid packages were completed two weeks ago at a <br />meeting in Richmond. Council Member Haskell asked, "Are construction bids still open <br />to local contractors and how was the design process decided?" Mr. Harned replied, "A <br />pre-bid conference will be held on September 1, 1999. Bids are due by September 10, <br />2:00 P. M., and will be opened at that time. Mattern & Craig was instrumental in the <br />design process due to their expertise with .the Federal Economic Development <br />Administration and that the application was approximately 60% complete following their <br />preliminary design." Council Member Roop moved to adopt the following Resolution; <br />the motion was duly seconded and carried by the following vote, with all present <br />members voting: Vote 4 - 0; Yeas (4) - Dallas, Haskell, Roop, Teague; Nays (0) - <br />None; Absent (1) - Crabtree; <br /> <br /> WHEREAS, Section 15.2-941 of the Code of Vir.~inia establishes <br /> the Virginia Shell Building Initiative (the "Initiative") and specifically <br /> states that any locality or other political subdivision of the <br /> Commonwealth of Virginia may participate in the Initiative; and <br /> WHEREAS, the City of Martinsville, Virginia (the "City") has, <br /> pursuant to its application submitted on or about November 18, <br /> 1998, been awarded by the Virg!nia Economic Development <br /> Partnership the right to receive a loan award from the Initiative for <br /> <br /> <br />