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1 38 <br /> <br />STAFF REPORT: <br /> <br />FUNDING FOR CSX PROPERTY <br /> <br /> Mr. Hendrix stated that the Charlottesville Industrial <br />Development Authority has requested that the $283,000. loan <br />previously made by the Council be made into a grant to be <br />used for the following purposes: $75,000 as 50% <br />participation in accumulated interest~ $25,000 as 50% <br />participation in the cost of planning fees; and $183,000 in <br />additional infrastructure improvements. <br /> <br /> Mr. Buck stated that he favored appropriating the funds <br />since the public participation requested by Council resulted <br />in the extra interest and planning. <br /> <br /> Ms. Waters stated that she hoped the additional funding <br />could be recaptured through land sales. <br /> <br /> Responding to a question from Mr~ Towe regarding, the <br />$183,000 for infrastructure improvements, Mr~ George Ray, <br />Director of Economic Development, stated that'the Council!had <br />agreed to pay for the street construction and the $183,000 <br />was an unanticipated cost.~ <br /> <br /> Mr. Hendrix stated that if land sales bring in an excess <br />amount of money then he would anticipate the City dividing <br />the excess with the Industrial Development Authority. <br /> <br /> Mr. Buck made a motion to convert the $283,000 loan to a <br />grant, Rev. Edwards seconded the~motion and the appropriation <br />was carried over to the next meeting for consideration. <br /> <br />PRESENTATION: INTERNATIONAL CITY MANAGER'S ASSOCIATION AWARD <br /> <br /> Mr. Gary O'Connell presented Ms. Waters with the-program <br />excellence award which was recently presented to the City by <br />the International City Manager's AssociatiOn for the City's <br />Wellness Program, "Lifechoice." <br /> <br />STAFF REPORT: CONTRACT WITH DOWNTOWNCHARLOTTESVILLE FOUNDATION <br />APPROPRIATION: <br /> <br /> Mr. Hendrix stated that City staff and Downtown <br />Charlottesville, Inc. representatives have been meeting t° <br />work out a proposal to form a new organization, proposed to <br />be called the Downtown Charlottesville Foundation which would <br />involve a public/private partnership between the Foundation <br />and the Charlottesville Industrial Development.Authority to <br />develop and manage downtown property, with the primary <br />objective being to recruit and retain quality retail <br />businesses on or near the downtown mall. Mr. Hendrix~stated <br />that the agreement would end in three years, with the <br />intention being to have the funding entirely from the.private <br />sector at that point, or possibly to create a special service <br />district° Mr. Hendrix stated that in agreeing to the <br />contract, the Council would be indicating its intention to <br />provide $150,000 over~a three-year period, to be matched by <br />private funds, to the Foundation. <br /> <br /> Mr. Marshall Pryor, owner of the Young Men's Shop, and <br />proposed Foundation board member, listed the following <br />other Foundation board members: Jim Berry, William Lewis, <br />Page Foster, and Bonnie Smith. Mr. Pryor stated that <br />significant funds have been invested downtown and this <br />merchandising effort is needed as the~final link in the chain <br />to tie all of the efforts downtown together, <br /> <br /> Mr. Vandever recommended that the language regarding the <br />private matching funds be made more flexible. <br /> <br /> Responding to a question from Ms. Waters, Mr. Pryor <br />stated that he would anticipate a staff person in place by <br />March or April and that approximately 70% of the staff <br /> <br /> <br />