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146 <br /> <br />Jefferson Properties, Charlottesville Industrial Development <br />Authority, the City, Charlottesville Parking Center, and <br />other private investors, at a total cost of $7.7 million. <br />Mr. O'Connell requested that the Council approve the legal <br />agreements for the project so that it can ~proceed to <br />construction. <br /> <br /> With regard to the $1.2 million City loan to purchase <br />158 spaces in the garage, Ms. Slaughter questioned how the <br />loan will be repaid and Mr. O'Connell replied that the <br />revenues from the parking spaces will pay the debt service <br />for the 20 year life of the bond. <br /> <br /> Responding to a question from Mr. Toscano, Mr. O'Connell <br />stated that the Charlottesville Parking Center is a non-stock <br />corporation composed of merchants downtown who have an <br />interest in parking in the downtown area. <br /> <br /> Responding to a question from Mr. Vandever, Mr. <br />O'Connell stated that the retail space will be sold at a <br />profit which will be paid off in parking spaces. <br /> <br /> Ms. Slaughter stated that she felt a parking strategy <br />needed to be developed for downtown, especially to deal with <br />employee parking. <br /> <br />The public hearing was opened. <br /> <br /> Mr. Jon Bright, Vice President of the Charlottesville <br />Downtown Foundation, supported the parking garage proposal as <br />vital to attracting additional retail business downtown, and <br />stated that CDF would be happy to work with the City to <br />develop a parking strategy. <br /> <br /> As there were no further speakers the public hearing was <br />closed. <br /> <br />ORDINANCE: WATER STREET PARKING GARAGE <br /> <br /> Ms. Waters moved the ordinance appropriating funds and <br />approving the legal documents for the Water Street parking <br />garage, and supported efforts to begin working on a parking <br />strategy. Ms. Slaughter seconded the motion and the <br />ordinance was carried over to the next meeting for <br />consideration. <br /> <br /> Mr. Toscano stated that he has had a lot of ambivalence <br /> about the parking garage and concerns about the assumptions <br /> built into the proposal as well as about the level of debt <br /> and amount of unsold retail space for which the City will be <br /> responsible. Mr. Toscano stated that he realized that there <br /> would be significant cost associated with redesigning the <br /> proposal to remove the retail space. Mr. Toscano added that <br /> he agreed with the need to develop a parking strategy but <br /> would probably vote against the parking garage proposal. <br /> <br />PRESENTATION: SUMMER READING PROGRAM <br /> <br /> Ms. Donna Selle, Director of the Jefferson-Madison <br />Regional Library, discussed the summer reading program, <br />funded by the School Board, which would expand the program <br />held last summer in Tonsler Park to all summer parks and <br />recreation sites. Ms. Selle stated that the main focus of <br />the program would be to build the collection of books in each <br />site. <br /> <br /> Ms. Slaughter stated that she was interested in children <br />being involved in the program on an ongoing basis and would <br />like for an in-depth evaluation of the program to be done. <br /> <br /> Ms. Waters stated that she considered the program to be <br />a pilot program and felt that the City should work with the <br />schools and others involved to decide if the program is the <br /> <br /> <br />