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116 <br /> <br />COUNCIL CHAMBER - MARCH 16, 1970 <br /> <br />PUBLIc HEARING RE: <br />N. FIRST STREET <br /> <br />ORDINANCE ADOPTED <br />SEc, 4, ART. I J J, <br />APP. I I <br /> <br />PUBLIC HEARING RE: <br />APPLE TREE RD. <br />REQUEST DENIED <br /> <br />REPORT ADOPTED= <br />RECOMMENDATIONS RE: <br />NEW HIGH SCHOOL - <br />BOND ISSUE <br /> <br /> THE COUNCIL MET IN REGULAR SESSION ON THIS DATE WITH THE FOLLOWING MEMBERS <br /> <br /> PRESENT: MR. DAVIS~ MR. RINEHART~ MR. VAN YAHRES, MR. VOGT AND MR. WRIGHT. ABSENT: NONE. <br /> REV. DANIEL R. LOWE, PASTOR OF MT. VIEW BAPTIST CHURCH~ GAVE THE INVOCATION. <br /> THE MINUTES OF THE MEETING OF MARCH 2, 1970 WERE READ AND APPROVED. <br /> <br /> A PUBLIC HEARING WAS HELD ON THIS DATE ON A REQUEST TO REZONE PART OF A LOT AT <br /> <br /> 504 N. FIRST STREET. A COMMUNICATION WAS PRESENTED FROM THE PLANNING COMMISSION <br /> RECOMMENDING THE CHANGE. AN ORDINANCE ENTITLED "AN ORDINANCE AMENDING AND REENACTING <br /> THE DISTRICT MAP INCORPORATED IN SECTION 4 OF ARTICLE III OF APPENDIX II OF THE CODE <br /> OF THE CITY OF CHARLOTTESVILLE, 1965, BY THE REZON1NG OF A PARCEL OF LAND LOCATED ON <br /> 1ST STREET, NORTH" WAS OFFERED BY MR. RINEHART, SECONDED BY MR. WRIGHT~ AND ADOPTED BY <br /> THE FOLLOWING RECORDED VOTE: AYES: MR. DAVIS, MR. RINEHART, HR. VAN YAHRES, MR. VOGT AND <br /> MR. WRIGHT. NOES: NONE. <br /> <br /> A PUBLIC HEARING WAS ALSO HELD ON A REQUEST TO REZONE THREE ~ARCELS OF LAND ON <br /> APPLE TREE ROAD FROM R-2 TO R-3. A COMMUNICATION WAS PRESENTED FROM THE PLANNING <br /> COMMISSION RECOMMENDING DENIAL OF THE REQUEST. ON MOTION BY MR. RINEHART, SECONDED BY <br /> MR. VAN YAHRES, THE FOREGOING RECOMMENDATION WAS UNANIMOUSLY ADOPTED. <br /> <br /> A RESOLUTION WAS PRESENTED FROM THE SCHOOL BOARD REQUESTING AUTHORIZATION TO PROCEED <br /> <br /> WITH ALL NECESSARY STEPS TOWARD THE CONSTRUCTION OF A NEW HIGH SCHOOL AT AN ESTIMATED <br /> <br /> COST OF $7,170,460. PLUS COST OF ACQUIRING LAND AND MOVING UTILITY LINES. <br /> <br />f'~J THE FOLLOWING REPORT WAS PRESENTED FROM THE CITY MANAGER' <br /> <br /> MARCH t6, 1970 <br /> <br />To THE MEMBERS OF THE COUNCIL <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br /> <br />GENTLEMEN <br /> <br /> IT IS MY RECOMMENDATION THAT THE PROPOSED NEW HIGH SCHOOL BUILDING WITH <br />AN ESTIMATED COST OF $7~200,000.00, PLUS THE SUM OF $~,000,000.00 WHICH IS <br />THE ESTIMATED COST OF (1) CONSTRUCTING A TWO-LAND ROAD WITH SIDEWALK FROM <br />MC INTIRE-RT. 250 BYPASS TO MELBOURNE ROAD ALONG THE OLD RAILROAD RIGHT OF <br />WAY~ (2) IMPROVE MELBOURNE ROAD (3) CONSTRUCT NEW BRIDGE ACROSS SOUTHERN <br />RAILWAY AT LOCATION OF PRESENT BRIDGE, (4) RELOCATE THE ELECTRIC, GAS AND <br />SEWER LINES AND (5) ACQUISITION OF THE SITE, MAKING A TOTAL OF ~8,200,000. <br />TO BE FINANCED IN THE FOLLOWING MANNER. <br /> <br />1. BY THE ISSUANCE Of '~6:~(~)O)O00~OOC.tTY..,OF gHA~L0~¥E~VI~LE'G~NERAL <br /> OBLIGATION BONDS, AND <br />2. BY THE PAYMENT OF ~2,~00~000.00 FROM THE CAPITAL IMPROVEMENT <br /> FUND, AND <br />3. THAT THE BONDS BE I TO lO YEAR SERIAL BONDS, PAYABLE <br /> ~600)OOO. O0 PER YEAR WITH THE FIRST PAYMENT TO BE MADE ON OR <br /> AFTER ~ANUARY 1~ 1973, AND <br />4. THAT THE RETIREMENT AND INTEREST PAYMENTS BE MADE FROM THE <br /> YEARLY CAPITAL IMPROVEMENTS FUND. <br /> <br /> BY USING THE FOREGOING PLAN IT WILL BE POSSIBLE TO HAKE THE INTEREST <br />AND RETIREMENT PAYMENTS ON THIS BOND' ISSUE WITHOUT INCREASING REAL AND <br />PERSONAL PROPERTY TAX RATES FOR THIS PURPOSE. THIS IS ASSUMING~ OF COURSE, <br />THAT THE 1~ LOCAL SALES TAX REMAINS IN EFFECT. <br /> <br /> TH tS PLAN WILL ALSO ENABLE THE CITY TO CARRY OUT ITS OTHER SCHEDULED <br />CAPITAL IMPROVEMENTS~ MANY FOR WHICH THE CITY IS ALREADY COMMITTED. <br />NAMELY, THE RECREATION BUILDING, THE ClTYtS PORTION OF A NEW JAIL~ THE CITY'S <br />PORTION OF IMPROVEMENTS TO ~TH STREET) S. W., AND PRESTON AVENUE, URBAN <br />RENEWAL~ LARGE COLLECTOR SEWER LINE ON THE SOUTH SIDE~ THE CITY'S PORTION OF <br />THE NEW VOCATIONAL SCHOOL~ THE DOWNTOWN STREETS~ AND NUMEROUS OTHER SMALLER <br />BUT NECESSARY PROJECTS. <br /> <br /> THIS PLAN WILL NOT REQUIRE THE USE OF THE TOTAL YEARLY INCREMENT TO THE <br />CAPITAL IMPROVEMENTS FUND. IN THE FISCAL YEAR 1972-73 APPROXIMATELY $400~ 000. 00 <br />WILL REMAIN IN THE FUND AND THIS AMOUNT WILL INCREASE ABOUT $36,000.00 PER YEAR <br />SINCE THE AMOUNT OF INTEREST PAYMENTS WiLL DECREASE AS THE SCHOOL BONDS ARE <br />RETIRED EACH YEAR. ALSO, AS THE COMMUNITY GROWS THE YEARLY INCREMENT TO THE <br />CAPITAL IMPROVEMENTS ~UND SHOULD INCREASE AS A RESULT OF ADDITIONAL SALES. <br /> <br /> AS A RESULT~ OTHER SMALL CAPITAL IMPROVEMENTS WILL BE POSSIBLE WITHOUT <br />THE ISSUANCE OF BONDS, HOWEVER, LARGE PROJECTS SUCH AS THE ENLARGEMENT OF THE <br />SEWER AND WATER PLANTS~ ADDITIONAL SCHOOLS, AND OTHERS WHICH ARE SURE TO BE <br />NEEDED FOR THIS GROWING COMMUNITY WILL HAVE TO BE FINANCED BY BOND ISSUES. <br /> <br />As YOU KNOW It IS CUSTOMARY FOR THE CItY TO ISSUE 1 TO ~0 YEAR SERIAL BONDS <br />WHEN FINANCING A PROJECT SUCH AS A NEW SCHOOL BUILDING. MY REASON FOR RECOMMENDING <br />~ TO 10 YEAR BONDS FOR THIS PROJECT IS DUE TO THE VERY HIGH INTEREST RATES WHICH <br />PREVAIL AT THE PRESENT TIME. THE SHORTER TERM BONDS WILL OBVIOUSLY SELL AT A LOWER <br /> <br /> <br />