2008-08-18 - Laserfiche WebLink

Home Browse Search

15 Mr. Jeff Dreyfus of Bushman-Dreyfus, said they were charged to come up with a renovation plan and to determine the cost for the work. He said approximately 120 parking space will be needed on the site. Mr. Frank Stoner, a Managing Partner and member of the Building Committee, reviewed cost assumptions, which includes the City putting $5.8 million in to the project as equity prior to the bank debt or other subsidies. He said the plan also assumes that tax credits will be sold at the end of the project, it assumes there will be a parking deck, and a park operated and maintained by the City. He said the Heritage Center renovation cost will be absorbed by the partnership. He said construction is expected to start in mid 2009 and end in 2010. He said an interest rate of 7% or less is assumed. He said improvements in other areas are not part of the estimate. He said the total estimated cost is $19,013,000. Mr. Burks said the Partners have determined that the project can be done, and asked the City to convey the property and provide the $5.8 million. He said the Partners will determine viable tenants and will obtain financing. Mr. Huja said he is encouraged by the progress made. Dr. Brown said he find the plans exciting, and said he likes the concept of the park. Dr. Brown said he is prepared to convey the property. Mr. Norris asked if there is an expectation that the City will pay Jefferson School for the use of Carver, and Mr. Burks said yes. Mr. O’Connell said Council will need to approve the deed and appropriate the funds which are recommended to be moved to the Charlottesville Economic Development Authority then to Jefferson School Partners. He said the funds are already designated for Jefferson School. He said this can likely be done in October. He said the Partners will have to get specific leases with specific tenants. Mr. Taliaferro, a Managing Partner, said the Partners are looking for Council’s blessing to move forward. Ms. Bitsy Waters, a Managing Partner, said the only urgency is that the Partners have no paid staff and as soon as people are comfortable, help is needed. She said they cannot do more than what has been done until they have use of some of that money. REPORT/RESOLUTION : CITY BUDGET AND REDUCTIONS IN STATE AID Ms. Leslie Beauregard, Budget Manager, provided an overview of the current budget and State reductions. She noted that the City only recently got the final plan from the State with $509,000 in reductions. She said this reduction will be absorbed by using contingency money. She said the State cuts will be permanent, and the City will need a plan for the long term. She said fuel and energy costs have increased by $634,522, and the City plans to reduce consumption by 20%.. Ms. Beauregard reviewed real estate tax, sales tax and meals and lodging tax revenues. She said the revenues are projected to be $639,908 lower than anticipated. Ms. Beauregard asked Council to adopt the resolution drafted by the Virginia Municipal League expressing dissatisfaction with the State budget. Mr. Taliaferro said he supports the resolution. He said the State has not lived up to its commitment to local government. He suggested holding a community workshop, and inviting legislators and Albemarle County officials to make people aware of the hardships being created. Ms. Edwards expressed concern about the Comprehensive Services Act, and said we need to be creative about prevention efforts.