Minutes 01/27/1987 - Laserfiche WebLink

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451 TUESDAY, JANUARY 27, 1987 A special and duly-called meeting of the Council of the City of Martinsville, Virginia, with Mayor L. D. Oakes presiding, was held Tuesday, January 27, 1987, in the Council Chamber, City Hall, beginning at 2:00 P.M. All members were present, viz., L. D. Oakes, Mayor; Clyde L. Williams, Vice-Mayor; William C. Cole, Jr.; Alfred T. Groden; and Allan McClain. After the invocation and Mayor Oakes' cordial welcome extended to visitors present, Mayor Oakes stated the purpose of this meeting, viz., to conduct a duly-advertised public hearing on an application for an Urban Development Action Grant in connection with the proposed development of a 120-room hotel at the intersection of West Main, West Church and North Bridge Streets. City Manager George W. Brown noted that Council adopted a resolution at its last regular meeting (January 13, 1987) authorizing the filing of an application with the U. S. Department of Housing and Urban Development (HUD) for an Urban Development Action Grant (UDAG) to assist in the financing of the proposed hotel project by Martinsville Development Associates, (a subsidiary or component of Maurice Elledge & Associates), with the application material having just been received. Mr. Brown also noted that originally the application request was to be for $2,000,000; however, the request now seeks $3,000,000 on the proposed $10,803,000 project. The purpose of the revision, it was explained, is to provide the applicant a better chance to receive the $2,000,000 after review by, and negotiation with, HUD. It was explained further, that usually the ratio formula in HUD's approval of these grants, where both private capital and public money are involved, is at least three-to-one.