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Mr. Paul Wood, president of the Greater Charlottesville Area <br /> Development Corporation, presented a resolution by that body <br /> endorsing the project and the public financing of it. <br /> Dr.' Leonard Mika opposed the public financing and suggested <br /> <br />an increase in the room tax to %, a 2% restaurant tax and a <br />n n r s~ ' <br /> o - e ldent income tax as ways to raise the revenue necessary <br /> <br />for the project. <br /> <br /> Ma Thomas B. Lietch, president of the Charlottesivlle- <br />Albemarle Chamber of Commerce, presented a resolution by the <br />Chamber S Board of Directors supporting the project but voicing <br />some cot.cern ab)ut an increase in the room tax with no corresponding <br />additior~l fund committed to the tourist trade in the City. <br /> <br /> M~. Harry Cook of 1629 Mulberry Avenue opposed the tax <br />increase and said the City should take care of other problems <br />first, ach as he needs of the high school, sidewalk construction <br />and str. et repa rs. He pointed out that many, including himself, <br />would be over 7 when the project would begin paying for itself. <br /> <br /> Mz. Stan atum of 609 Northwood Avenue supported the <br /> <br />project and the public financing of it, saying that as a homeOwner <br />and business o~er he is willing to pay additional taxes to <br />revive the down~:own area. <br /> <br /> Mr Daryl A. Ferguson, vice president of the Greater <br />Charlottesville Area Development Corporation, said the City is <br />losing 4 )0-600 :onferences a year that could be coming to a <br /> <br /> hotel/co <br /> 177 new <br /> effect <br /> responsi <br /> supporte <br /> <br /> Ms <br /> previous <br /> <br />not to o <br />the proj <br /> <br /> Mr <br />finance <br />project <br />figures <br />discount <br />be calcu <br /> <br /> Ms <br />of taxpa <br />She pred <br />flight o <br />activity <br />e£fecti~ <br /> <br /> Mr. <br /> <br />46,! <br /> <br /> ~ferenC <br /> <br />j ohs <br /> <br />m the <br />ble fOr <br />d the <br /> <br /> Lynda <br /> speake~ <br /> <br /> Arman~ <br />vet tax <br />ect. <br /> <br /> John <br /> .nd loc~ <br /> <br />.re not <br />are pre~ <br /> <br />rate, <br />lated a <br /> <br /> Gail <br /> <br /> · ers do <br /> cted t~ <br /> <br /> taxpa5 <br />downtow <br /> <br /> center like Vinegar Hill. He said the approximately <br />ated for the project would actually have a multiplier <br />~caleconomy equivalent to about 406 jobs and be <br /> <br />an additional 131 households in the City. He <br /> <br />~oject and the public financing for it. <br /> <br />H. Chaffin of 1618 Amherst Street agreed with <br /> <br />· s who opposed the tax increase. <br /> <br /> H. Thomas of 1212 Belleview Avenue asked Council <br />~enior citizens who wouldn't live to profit from <br /> <br />napp, an economist specializing in government <br />~1 resident, stated that the economics of the <br />convincing to him. He suggested that if the <br />ented in "pre~'ent value" dollars, at a 14% <br />~he $14 million in projected revenues would <br /> <br /> $2.6 million in "present value" dollars. <br /> <br />omras of 1623-A Meridian Street said the majority <br />.'t favor the tax hike to pay for the project. <br />at the City's tax base would be destroyed by the <br />ers from the City rather than the tack of commercial <br />~. She reminded Council that the taxpayers' most <br /> <br />~puhlic.hearing~on the issue would be on election day. <br /> <br /> Glenn Bateman of 1281 Kenwood Lane opposed the tax increase. <br /> <br /> <br />