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19 <br /> <br />PUBLIC HEARING: VINEGAR HILL SOUTH DEVELOPMENT <br /> <br /> Mr. BuCk stated that the public hearing had been <br />continued from the previous meeting. <br /> <br /> Mr. Jack Stoner requested that the public hearing be <br />postponed until the September 2nd meeting as he said the <br />grant would not be impacted by the delay. <br /> <br /> Mre Buck stated that though the deadline for <br />submission of the grant packet was not until after <br />the September 2nd meeting, other considerations had to be <br />taken into account such as the developer having time to <br />put together the necessary financing to include with the <br />grant packet. <br /> <br /> Mr. Ed Rogers of Gentry Lane, questioned why the <br />project was rushed and why the interest rate given to the <br />proposed developer was so low. <br /> <br /> Mro Doug Caton of Management Services requested that <br />the project be delayed because of questions concerning <br />parking and financing. <br /> <br /> Mr. Buck stated that the public hearing was <br />originally scheduled for August 18th. Referring to <br />renovations being done by Mr. Caton in the downtown area, <br />Mr. Buck asked Mr. Caton how many additional parking <br />spaces he was providing. <br /> <br /> Mr. Caton replied that he would be providing no new <br />parking spaces. <br /> <br /> Mr. Buck stated that he felt it was significant that <br />120 new parking spaces would be added downtown and <br />questioned whether downtown developers would be willing to <br />finance a portion of a parking deck proposed to be built <br />by the City. <br /> <br /> Mr. Caton stated that he felt the proposed project <br />gave the developer, Jefferson Mall Limited Partnership, an <br />unfair advantage because the parking would only benefit <br />the proposed project. <br /> <br /> Mr. Cary Jackson questioned whether the tax system <br />was designed to subsidize special interests and stated <br />that he felt City money should be used to provide services <br />to the taxpayers. <br /> <br /> Mr. Lionel Key questioned the need for foreign <br />investors for the proposed project. <br /> <br /> Mr. Bill Daggett, developer and architect for Queen <br />Charlotte, planned office and condominium space in the <br />downtown area, questioned the need for additional office <br />space downtown when there is presently a high vacancy <br />rate. Mr. Daggett stated that he felt it would be wise to <br />commission a study to provide an objective view of the <br />market place downtown. <br /> <br /> Mr. Buck stated that the investors for the proposed <br />project would essentially conduct a study of the market <br />before funding the project, as would happen with any <br />project. <br /> <br /> Mr. Craig Redinger of Jefferson Mall Limited <br />Partnership and developer of the proposed project, stated <br />that most of the comments thus far had concerned the <br />public interest, but noted that most of the speakers were <br />developers. Mr. Redinger stated that many of the comments <br />concerned the shortage of parking downtown and that the <br />proposed project would include a 186 space parking deck. <br />Mr. Redinger stated that many of the comments concerned <br /> <br /> <br />