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:
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.
Table action on a resolution approving a policy on collective bargaining.
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.
