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