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8 <br />Mr. Stu Armstrong, Director of Piedmont Housing Alliance, said that it may be <br />difficult to get through the underwriting process. Mr. Armstrong said he is not sure <br />whether the City can guarantee the funds, and added that others may back down based on <br />the City's contribution. <br /> <br />Mr. Sc hilling commended Mr. Armstrong for his vision of this property and said <br />he feels the goals are very commendable. He said he is troubled that the information <br />about the phasing was clearly available during the previous discussion, and is concerned <br />that the se funds could affect other projects. Mr. Schilling said he hopes that in the future <br />this type situation could be avoided, but he feels we should stick by the original <br />commitment. <br /> <br />Mr. Caravati asked how much PHA would have to pay for a loan assuming they <br />could secure one for this amount, and Mr. Armstrong said approximately $25,000. <br /> <br />Mr. Caravati asked how much is budgeted to renovate each apartment, and Mr. <br />Armstrong said between $15,000 and $20,000. <br /> <br />Mr. Cox said he thinks we have an unprecedented colla boration with the Garrett <br />Square project and a vested interest in the stability of Garrett Square. Mr. Cox said that <br />committing $500,000 has allowed us to leverage significant foundation funding, and <br />noted that this project was the number one tax credit a pplication in the state. Mr. Cox <br />said he would hate to see us quibble over when to release the funds, and he hopes we do <br />not lose sight of the larger vision. Mr. Cox said that the contingency funds in the CIP are <br />for things like this. <br /> <br /> On motion by Mr. Caravati, seconded by Mr. Cox, the $500,000 appropriation <br />for Garrett Square was offered and carried over to the next meeting for consideration. <br /> <br />PUBLIC <br /> <br /> There were no matters by the public. <br /> <br />OTHER BUSINESS <br /> <br /> Mr. Cox announced that there are three vacanc ies on the Planning Commission, <br />and said that Council is encouraging landscape architects and developers or people <br />involved in economic development to apply. In addition, Mr. Cox said Council will also <br />be looking for people who believe citizens have a sig nificant role in planning. <br /> <br /> Mr. Cox announced that there is a vacancy for a public housing resident on the <br />Charlottesville Redevelopment and Housing Authority. <br /> <br /> Council reconvened in closed session. <br /> <br /> On motion by Mr. Caravati, seconded by Mr . Lynch, Council certified (Ayes: <br />Mr. Caravati, Mr. Cox, Mr. Lynch, Mr. Schilling. Noes: None. Absent: Mr. Schilling <br />and Ms. Richards.) that, to the best of each Council Member's knowledge, only public <br />business matters lawfully exempted from the open meeting requirements of the Virginia <br />Freedom of Information Act and identified in the motion convening the closed session <br />were heard, discussed or considered in the closed session. <br /> <br /> The meeting was adjourned. <br /> <br />_____________________________ __________ ___________________ <br />President Clerk <br />