Minutes 10/27/1998 - Laserfiche WebLink

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TUESDAY. OCTOBER 27. 1998 ~ A regular, semi-monthly meeting of the Council of the City of Martinsville, Virginia, with Mayor Mark A. Crabtree presiding, was held Tuesday, October 27, 1998, in the Council Chamber, City Hall, beginning at 7:00 P.M, The following members of Council were present: Dr. Mark A. Crabtree, Mayor; M. Gene Teague, Vice-Mayor; and Council Members Bruce H.T. Dallas, Elizabeth H. Haskell and Terry L. Roop. Following his delivery of the Invocation Mayor Crabtree extended a cordial welcome to all in attendance. Council first considered approval of the Minutes of their meetings of October 1 and 13, 1998. As there were no Minutes available for consideration at this time none were approved. Council next considered Business from the Floor. There was none. Council next considered the need to conduct a public hearing on a Resolution of Commitment required .for submission of an application to the Virginia Economic Development Partnership for participation in the Virginia Shell Building Initiative program. Mr. Tom Harned, Assistant to the City Manager for Development, provided background on the item presented, stating that approval of the Resolution was necessary if the city wished to compete for funds from the State of Virginia's Shell Building Program. Mr. Hamed noted that a successful application would make the City eligible to borrow up to $1.5 million in funds at a very favorable interest rate, possibly as low as 2%, as funding for a shell building such as the one that City Council had recently seen in Botetourt County, Virginia. Vice- Mayor Teague asked whether approval of the Resolution would commit the City to a shell building or a loan, or whether the action would simply place the City under consideration for such a loan. Mr. Harned replied that approval of the Resolution would only place the City under consideration for a loan at this