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26.8 Staff report re: Capital Projects Staff report re: Economic Development owners taking the paint and 17 having completed the paint~jobs (8 businesses and 9 residences); (5) demolition of the old Albemarle Hotel has begun and the land adjacent to it acquired to provide 50-60 parking spaces; (6) initiation of an Economic Development Corporation to asses neighborhood businesses, especially minority buainesses~ (7) a great deal of interest. has been generated by private businesses and about 25-30 inquiries are received each month; (8) 10 new businesses have started, with 6 more expected soon~ and 6 buildings have been privately rehabilitated and 5 are underway; (9) 10 new residential units have been created and are occupied on the second story of 3 different buildings; (10) land has been acquired for parking, open space and housing; (11) the house bank and loan program is being worked on now and should yield results within the near future, Mrs. Huja noted the projects expected to be underway within the next 12 months: (1) 7th & ElSom St. will be resurfaced; (2) sidewalks for 6th St. and Brown St. between 5th and 6th; (3) landscape improvements betWeen 7~ and 8th Sts.; (4) improvements to 7~ St. between Brown and 8th; (5) intersection improvement at Brown & 6th Sts.; (6) public parking lot; (7) housing site improvement on Brown St.; (8) open space development in the middle of the neighborhood. Mr'. Hendrix presented a report regarding the status of capital projects. Proposed projects are piedmont Virginia CommunitY College, Ivy Creek Natural Area, Schenk's Branch (phase II), Joint Security Complex roof and Juvenile Court Building for a total of $412,895. Future projects include the sports compleX, 911 System and Dispatch Center, new telephone system and Vinegar Hill for a total of $8,300,000. Mr. Hendrix stated that the Capital Fund cannot finance all these proposed projects without additional revenue. Of several alternatives discussed among Council members and Mr. Hendrix, Council preferred to transfer $100,000 from the General Fund to cover the required expenditures. On motion by Mr. Albro, seconded by Mrs. 0'Brien, Council unanimously approved this solution. The following appropriations were offered and carried over for second reading: on motion by Mrs. O'Brien, seconded by Mr. Albro, $83,895 for Piedmont Virginia Co~nunity College; on motion by Mr. Gatewood, seconded by Mrs. O'Brien, $37,750 .for Ivy Creek Natural Area; on motion by Mr. Albro, seconded by Mrs. O'Brien, $249,000 for Schenks Branch, Phase II; on motion by Mr. Albro, seconded by Mr. Gatewood, $12,750 for Joint Security Complex roof; on motion by Mr. Albro, seconded by Mrs. O'Brien, $29,500 for Juvenile Court Building. Mr. Hendrix presented a report on Economic Development, a copy of which is kept in the file for this meeting.