1979-05-21 - Laserfiche WebLink

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this point to study the question of the feasibility of a hotel/ conference center, office complex on Vinegar Hill. This was done after the group had deliberated on the various options open for Vinegar Hill and it was concluded that the hotel/conference complex should be studies first and a feasibility study made before other alternative uses are considered. The consultant recommended the hotel/con~ention center complex after making a market survey and the group recommended to the Council that this project be continued with the obligation of City funds up to approximately four million dollars. Several developers have approached the City with proposals and the Economic Development Group with some members of staff interviewed those developers and chose Park Tower and Associates to be the designated developer for the project. He stated that the group has chosen the hotel complex for several reasons: it would provide a major activity in the center city, it would create many new permanent jobs in the area, it would provide a direct~income to the City through taxes and licenses and users fees to support the project, and it would also provide some secondary revenues. He stated the group feels there must be some public funding for the project in order to make it work. Public funding is necessary because of the high land cost and parking facilities which must be furnished. In addition everyone concerned agrees that it must a quality development again making it a more costly project. He stated the Group feels that this project will generate revenues in excess of the cost, over a period of 15 to 20 years. The Mayor then opened the public hearing for comments by interested citizens. Mr. Harry Marshall, speakiqg fDr the Civic League of Charlottesville and Albemarle County presented a resolution adopted by its board of directors stating that the board deems it to be in the best interest of the community for the City Council to prOceed with the feasibility study by Park Tower Developers for the construction of a hotel/convention center and other facilities on Vinegar Hill and to take favorable action on the use of municipal general obligation bonds to finance those elements of the project which would be the responsibility of the City to provide. Mrs. Joyce Fishbain urged support of the development of the site on Vinegar Hill. She stated she thinks it is an appropriate development of the site and it will encourage more activity downtown. She also read a letter from the North Downtown Residents Association which stated the Board of Directors of the North Downtown Residents Assocation has endorsed the proposal to seek a hotel/conference center complex for the Vinegar Hill site. We would also like to offer our help and cooperation in your effort to obtain this project.