The City Council voted Tuesday to approve a moral obligation agreement with Virginia Community Capital for a loan for the 1 Ecomnets Way project.
The project includes renovation of a 20,164 square foot building located at 1 Ecomnets Way in Airside Industrial Park.
Earlier this year, the City Council approved a moral obligation agreement for this loan. Since this time, construction costs have increased resulting in the need to update the Commitment Letter and request an approval of a new moral obligation reflecting this increase.
The total cost to purchase and renovate this building is now $3,325,000.
In other matters, the City Council voted to:
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Endorse an application for state highway safety funds that will be used to install signals with flashing yellow arrows at four major intersections. Those intersections are: 1) Main Street at Holbrook Street, 2) Piney Forest Road at Arnett Boulevard, 3) Piney Forest Road at Audubon Drive, and 4) West Main Street at Park Avenue.
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Table action on a resolution approving a policy on collective bargaining.
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Authorize an application to the Virginia Department of Housing and Community Development to amend geographic boundaries and incentives to the City's Enterprise Zone Program known as City Enterprise Zone #1.
- Approve various grants, including a grant to conduct a comprehensive case study on the Police Department’s community policing efforts.
- Reappoint David Cumbo, John Laramore and Philip Hall to the Industrial Development Authority.
The City Council also reviewed the latest financial reports.