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19 <br /> <br />~overnment ($600,000). <br /> <br /> Responding to questions from Councilors, Ms. Scott <br />stated that the general goVernment improvements will fund the <br />remaining amount needed for City Hall renovations; the bonds <br />will increase the debt service payment by $100,000 above the <br />revenues dedicated to the debt service. <br /> <br /> Mr. Vandever queStioned whether future excess gold <br />revenues would be available for the General Fund and Mr. <br />Hendrix stated that was a possibility, but added that some of <br />the excess funds may need to be put back into the golf <br />course. <br /> <br /> The public hearing was opened but as there were no <br />speakers, the hearing was closed. <br /> <br /> Mr. Toscano expressed concern about the bond issue and <br />suggested that consideration be given to reducing the issue <br />to $6 million!, thereby reducing the debt service payment by <br />$!00,000. Mr. Toscano stated that he supported the school <br />renovation but was concerned about the following: that the <br />$350,000 projected for the pedestrian gateway for the mall <br />extension was too low~ that the economic initiative funds <br />dedicated to repay the bonds represented a great deal of <br />money going into downtown; that the cost continue to increase <br />for the City for the proposed Water Street parking garage and <br />if the commercial space cannot be sold then other City funds <br />will need to pay the debt service. Mr. Toscano added that he <br />would prefer to reduce the amount of money for the parking <br />garage. <br /> <br /> Mr. Vandever stated that he viewed the Michie project as <br />more of an in-town initiative rather than a downtown project <br />since the alternative site for the Michie Company was in <br />Albemarle County. Mr. Vandever pointed out that the <br />commercial space in the Market Street parking garage helped <br />create excess revenues for that project. <br /> <br /> Mr. Hendrix explained that the repayment plan presented <br />for the bond issuance through year 2,000 assumed that 50% of <br />the commercial space in the Water Street garage was sold, <br />adding that 47 1/2% of the space has been sold, if all <br />parties commit. <br /> <br /> Ms. Waters stated that she felt the absence of retail <br />space would have a negative impact on the surrounding <br />businesses and property and while she shared Mr. Toscano's <br />concerns, she felt the debt service for the $7 million bonds <br />was manageable and she did not think the City should settle <br />for something now that will be regretted later. <br /> <br /> Rev. Edwards stated that he supported the commercial <br />space. <br /> <br /> Ms. Slaughter noted that if the concern was purely <br />aesthetic then windows could be added to the first floor. <br /> <br /> Ms. Waters stated that she felt the commercial space was <br />more important than just the appearance of the building. <br /> <br /> On motion by Ms. Waters, seconded by Mr. Vandever, the <br />ordinance entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF <br />SEVEN MILLION DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS <br />TO PAY THE COST OF PUBLIC IMPROVEMENT PROJECTS OF AND FOR THE <br />CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER <br />FEATURES OF SUCH BONDS;AND PROVIDING FOR THE DALE OF SUCH <br />BONDS," was offered and carried over to the next meeting for <br />consideration. <br /> <br />PUBLIC HEARING: COMPREHENSIVE HOUSING AFFORDABILITY STRATEGY <br /> <br /> <br />