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4 Mr. O'Connell said that it is his understanding that the Museum wants to be able to demonstrate their staying power in their fund raising effort. Mr. Brent Leasman, Treasurer for the Museum, that that it is important for their funding raising effort to have a five-year lease. She said they will be conducting a major capital campaign because the Museum needs an upgrade. He said it is hard to conduct a successful campaign with such a short term lease. Mr. Caravati asked if Government Accounting Services Board (GASB) requires an accounting of this subsidy, and Mr. O'Connell said he does not know, but said he will be sure to have it prominently placed in the budget. Dr. Brown noted that there is no future Council commitment if this is part of the budget. He said the Museum is important to the downtown mall and the building was purchased for this purpose. He said having a five-year lease allows them to plan and be stable, and he supports the recommendation. He said this will take a great museum and turn it into something even better. Ms. Hamilton said she is satisfied about the length of the lease and her reservations are satisfied. She said she feels there will be value added back to the building. Mr. Schilling noted that he had suggested a five-year commitment. The Resolution Approving the Virginia Discovery Museum Lease Renewal was approved by the following vote. Ayes: Dr. Brown, Mr. Caravati, Ms. Hamilton, Mr. Lynch. Noes: None. Abstaining: Mr. Schilling. BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that this Council hereby authorizes the City Manager, or his designee= to sign the following document, in form approved by the City Attorney: Lease Agreement between the City of Charlottesville and the Virginia Discovery Museum, Inc. for use of the premises at 524 East Main Street as a children's museum from July 1, 2006 through June 30, 2011. Said lease agreement shall contain the same terms and conditions as the previous lease between the parties dated January 2, 2001. PUBLIC HEARING/ORDINANCE: CONVEYANCE OF 5TM STREET RESIDUAL LAND Mr. Brown explained that a portion of Old 5th Street was recently closed by Council for a new residential development, and during the title exam it was discovered that another portion of the property is owned by the City and it has been requested that the City convey this property. He said the property has been appraised at $15,000, and this amount has been included in the ordinance. The public hearing was opened. Mr. Frank Bailiff, Southern Development, said that he was under the impression that this property was part of the first request, and is embarrassed that it was not. He noted that they have previously agreed to build four units for sale for under $150,000, and said he was not anticipating having to purchase this extra piece. As there were no further speakers, the public hearing was closed. Mr. Caravati made a motion to approve the ordinance as presented, and Ms. Hamilton seconded the motion.