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TUESDAY, May 23, 2000 <br /> <br />Council next considered adoption of a resolution authorizing the City Manager to execute documents related to the <br /> <br />submission of a grant application to the Economic Development Administration for renovation of the former Tultex <br />facility at 22 East Main Street, thereby comnfitting $250,000 of proceeds from the sale of the Tultex facility to the <br />Martinsville Industrial Development Authority as the required local match for the grant. City Manager Reynolds <br />gave an overview of the historical perspective of this project, and he stated that the application is ready. City <br />Manager Reynolds stated that in the worse possible case, the City will recover $150, 000 of the original investment. <br />An outcome of the grant application will be expected in September 2000. Council moved upon motion duly <br />seconded, with all members voting: Vote 5-0; Yeas (5)- Crabtree, Teague, Dallas, Haskell, and Roop; Nays <br />(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 District <br />Commission's Regional Comprehensive Economic Development Strategy to assess the City's overall <br />economic outlook and to establish goals and objectives to achieve economic development; and <br /> <br />WHERI~AS, 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 Hemy, <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; anal <br /> <br />WHEREAS, said Study determined that the City of Martinsville and surrounding area has all of the necessary <br />elements to sustain a full-service incubator facility; and <br /> <br />WHEREAS, it has been determined that funding is available from the Economic Development Administration <br />to assist with the establishment of a regional incubator facility in the City of Martinsville; now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session assembled on May <br />23, 2000, that it does hereby (a) support the submission of a grant application b)t the Martinsville Industrial <br />Development Aut~y to the Economic Development Administration for renovation of the former Tultex <br />facility at 22 East Church Street in the City of Martinsville and (b) does hereby commit to return $250,000 of <br />the proceeds from the sale of the Tultex facility to the Martinsville Industrial Development Authority to be <br />used as the required to~al match for the federal monies for this project; and <br /> <br /> <br />