Laserfiche WebLink
121 <br /> TUESDAY, May 23, 2000 <br /> <br />Council next considered adoption of a resolution authorizing the City Manager to execute documents related to <br />the submission of a grant application to the Economic Development Administration for renovation of the <br />former Tultex facility at 22 East Main Street, thereby committing $250,000 of proceeds from the sale of the <br />Tultex facility to the Martinsville Industrial Development Authority as the required local match for the grant. <br />City Manager Reynolds gave an overview of the historical perspective of this project, and he stated that the <br />application is ready. City Manager Reynolds stated that in the worse possible ease, the City will recover <br />$150,000 of the original investment. An outcome of the grant application will be expected in September 2000. <br />Council moved upon motion duly seconded, with all members voting: Vote 5-0; Yeas (5)--- Crabtree, Teague, <br />Dallas, Haskell, and Roop; Nays (0)- None, to adopt the resolution as described below. <br /> <br /> RESOLUTION <br /> <br />WHEREAS, the Martinsville City Council desires to promote entrepreneurship in the City in order to <br />enhance the area's economic base for its citizens; and <br /> <br />WHEREAS, the Martinsville City Council has elected to be covered by the West Piedmont Planning <br />District Commission's Regional Comprehensive Economic Development Strategy to assess the City's <br />overall economic outlook and to establish goals and objectives to achieve economic development; and <br /> <br />WHEREAS, construction of the MartinsviHe Business Center or incubator facility has been identified as a <br />number one priority project in the West Piedmont Planning District Commission's Regional Comprehensive <br />Economic Development Strategy document; and <br /> <br />WHEREAS, the Business Incubator Feasibility & Economic Impact Study for the Counties of Henry, <br />Franklin, Patrick, and the City of Martinsville prepared by the Economic Development Assistance Center at <br />Virginia Tech determined that there is adequate demand to justify the proposed incubator facility in the <br />region; and <br /> <br />WHEREAS, said Study determined that the City of Martinsville and surrounding area has all of the <br />necessary elements to sustain a full-service incubator facility; and <br /> <br />WHEREAS, it has been determined that funding is available from the Economic Development <br />Administration to assist with the establishment of a regional incubator facility in the City of Martinsville; <br />now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session assembled on <br />May 23, 2000, that it does hereby (a) support the submission of a grant application by the Martinsville <br />Industrial Development Authority to the Economic Development Administration for renovation of the former <br />Tultex facility at 22 East Church Street in the City of Martinsville and (b) does hereby commit to return <br />$250,000 of the proceeds from the sale of the Tultex facility to the Martinsville Industrial Development <br />Authority to be used as the required local match for the federal monies for this project; and <br /> <br /> <br />