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12 <br /> Mr. Aubrey Watts, Director of Economic Development and COO, said that the lease <br />agreement provides that any impro vements to the amphitheater will be approved by the Board <br />of Architectural Review; maintenance and security issues are addressed; the City will control <br />20 events a year and there will continue to be a "Fridays After Five" type event. <br /> <br /> The public hearing was opened. <br /> <br />rd <br /> Ms. Joan Fenton, 105 3 Street, urged Council to support the lease. She said the City <br />has a lot of new threats economically and this will help the entire city and will enhance <br />downtown as an entertainment center. She said it will provide t he ability to bring in a large <br />amount of revenue. <br /> <br /> As there were no further speakers the public hearing was closed. <br /> <br /> Responding to a question from Mr. Schilling, Mr. Watts said that the financial <br />situation is similar to that for the NGIC building where t he City will loan money to CIDA <br />who will in turn loan money to the developer at a higher rate than what the City pays which <br />includes all costs to administer. He said there have been no detailed negotiations about the <br />amount. <br /> <br /> Mr. Lynch asked who will be responsible for Fridays After Five in 2004. <br /> <br /> Mr. Watts said there is no current contract for 2004. He said that the location will <br />have to be changed if construction has begun on the amphitheater. <br /> <br /> Mr. Lynch asked who will be responsible for helping to relocate Fridays. <br /> <br /> Mr. Watts said that Charlottesville Downtown Foundation is looking at all their <br />operations and they may not be prepared to take it on. He said the facility will still be open <br />for use if construction has not begun. <br /> <br /> Mr. Caravati said h e would like to change #27 in the lease to require that on or before <br />the first anniversary of this Lease, CIDA shall present a report to the City Council on the <br />status of the construction and operation of the Leased Property along with a detailed financial <br />plan for the operation of the amphitheater rather than on the second anniversary. He asked if <br />the lease is predicated on a 40 year lease. <br /> <br /> Mr. Watts said it is not predicated on a 40 year lease, but the developer will need <br />enough time to recoup his cost s. He said this will be part of the final lease agreement. <br /> <br /> Ms. Richards said she thinks we are taking the amphitheater to a new level as a <br />performance space while still providing for public use and for a "Fridays After Five" type <br />event and she supports the lease. <br /> <br /> Mr. Lynch said he would like a clear definition of a "Fridays After Five" event that is <br />accessibly priced. He said if such an event is found not to be economically feasible, he would <br />like more dates to go back for public use, perhaps increasi ng the number to 35. <br /> <br /> Mr. Cox said he is uncomfortable about this and said Mr. Lynch is trying to provide <br />free concerts even if the City has to subsidize them. He said this is not the place to debate this <br />topic. <br /> <br /> Mr. Watts said an investor is not going to commit to events that lose money. He said <br />the lease between CIDA and the investor will be brought back to Council. <br /> <br /> Mr. Cox said this is an example of a public/private partnership that is all around good <br />for the City. <br /> <br /> Ms. Richards made a motion to a pprove the lease, with the language change to #27 <br />suggested by Mr. Caravati. Mr. Caravati seconded the motion and the ordinance entitled <br />TH <br />"AN ORDINANCE TO AUTHORIZE LEASING OF PROPERTY ON 7 STREET, N.E. <br />(DOWNTOWN AMPHITHEATER AND PORTION OF DOWNTOWN REC REATION <br />