Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, April 2, 1991 TAG: 9104020460
SECTION: VIRGINIA PAGE: B3 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Michael G. Morgan, who has developed apartments, condominiums and office buildings in several states, is negotiating to acquire and renovate the Park Towne, Brandon Ridge, Brandon West and Colonial Yorktown apartments in Roanoke and Mount Regis Village in Salem.
He has not finished negotiations to buy the four apartment complexes in Roanoke, but council approved the bond financing so it will be available if he does acquire them.
The bonds will be issued by the city's Redevelopment and Housing Authority, but it will have no ownership in the apartments. Neither the authority nor the city will have any liability in the financing.
As a condition for the tax-exempt bonds, Morgan will be required to set aside 20 percent of the apartments for low-income residents and to spend at least 15 percent of the purchase price on rehabilitation within two years.
In other action Monday, council:
Decided to interview publicly all seven applicants for the three School Board seats with new terms beginning July 1. The applicants are E. H. Cassell Jr., Marilyn M. Curtis, Garry A. Fleming, M. Wendy O'Neil, Velma B. Seif, James M. Turner Jr., and Harry R. Yates Jr. Curtis, Seif and Turner are the incumbents.
Appropriated $75,000 to pay for water-treatment chemicals to absorb a fishy taste and bad odor in the drinking water from the Carvins Cove filtration plant that was caused by an algae bloom in the reservoir, triggered by the unusually warm winter.
by CNB