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3 <br />Paramount Theater. He said we are obligated to partner on the Fifth and Water Street <br />project. He said these projects will take the balance of the funding. <br /> <br /> Respo nding to a question from Mr. Cox, Mr. Watts said the mall renovations will <br />be included in the bond issuance in 2005. <br /> <br /> Responding to a question from Ms. Richards, Mr. O'Connell said the City's <br />commitment to Region Ten is ending. <br /> <br /> Ms. Richards asked why th e amount in the Percent for Art Program is decreasing, <br />and Mr. Watts said the amount is based on the percentage of projects in that year that are <br />eligible for Percent for Art funds. <br /> <br /> Mr. Cox asked what will happen if the amount of City funding for the Je fferson <br />School needs to increase. <br /> Mr. O'Connell said the Jefferson School project is set up for a 5 year period with a <br />final build up of $5.4 million, which gives Council some flexibility. <br /> <br /> Ms. Richards asked if the repairs proposed for the Monticello Vi sitors Center are <br />in preparation for sale of the building. <br /> <br /> Mr. O'Connell said the roof leaks badly and this covers our share to repair it. He <br />said Monticello has renewed the lease for another five years. <br /> <br /> Mr. Watts reviewed the Strategic Investment pro jects, and Mr. Cox noted that the <br />projects total twice what we have in the fund. <br /> <br /> Mr. Cox said he thinks we need to project a greater increase in the five year CIP <br />for McIntire Park than what is allocated. <br /> <br /> Mr. O'Connell said that the new Parks and Recr eation Director has been <br />challenged to find grant funding to match the City funding. <br /> <br /> Mr. Lynch said he would like to determine the City's obligation for <br />undergrounding on the Fifth and Water project and limit funding to complete that project <br />only. He sa id this would be a one year reduction. He said he thinks retail sales will pick <br />up next year. Mr. Lynch asked what our maximum obligation is for that project. <br /> <br /> Mr. Cox said that funding undergrounding allows the City to take advantage of <br />opportunities a s they come up, and he argued against taking funds out for <br />undergrounding. <br /> <br /> Ms. Richards said she agrees with the policy we have which allows us to do <br />undergrounding projects on an as needed basis. He said taking funds out would strip us <br />of the capacity to do that. <br /> <br /> Mr. Caravati said he disagrees with the undergrounding policy and feels we can <br />reduce the funding for it. <br /> <br /> Mr. Schilling said he also disagrees with the policy. <br /> <br /> Mr. Lynch said he does not expect moving on much of the economic development <br />initiatives this year and suggested reducing the amount for this year. <br /> <br /> Mr. O'Connell said future needs have to be addressed as well, and said reducing <br />funding in this way would send a red flag to bond rating agencies. <br /> <br /> Mr. Schilling said he would like t o reduce funding for McIntire Park as Mr. Cox <br />said at the previous meeting. <br /> <br /> Mr. Cox said he did not advocate cutting funding for McIntire Park. <br /> Funding for agencies was discussed. <br />