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288 The City Council chose to take a deliberate approach to these problems. We reviewed trends in depth to assess our future. We also carried on discussions with citizens, lawyers, and the Board of SUpervisors about the possibility of reversion to town status or other types of consolidation. We began to see the need to set a new direction and provide the leadership to go in that direction. Our new agenda had three goals: economic development, more middle-income housing, and better education~ Let's look at number 1. Council decided to engage in an aggressive effort in economic development and at the same time carefully budget to live within our means. And a strong national economy and our efforts have worked Charlottesville had about 50 million dollars in new development in 1999, and real estate values continue to soar, up over 10%. We continue to keep our AAA bond rating, the only city of our size in the country to do so. Many City businesses are looking to expand, while new companies aim to make Charlottesville their home. We are 3ra in the state in growth in the high-tech sector. Our resurgent economy is having a ripple effect throughout our community: the unemployment rate stands at a record low 1.4%, and 86% of the people who have enrolled in our welfare reform program have found jobs. The city has demonstrated a commitment to job training as well, with programs such as the WorLforce Training Initiative. We teamed with the University of Virginia, Piedmont Virginia Community College and the Weed and Seed Network to provide high technology training to residents in the West Main area. ' The City Council has encouraged investment on the Downtown Mall, and it is THE place to be, with a new Virginia National Bank the renovated Wachovia Bank Inova, National Optronics and constantly growing technology companies, such as SNL, which we honored tonight. But as we weigh our economic successes, we must also weigh our challenges. What are we going to do about those who still cannot support their families? Can we build West Main, part of the central City, into a really viable commercial district? And can we grow economically and still preserve the historic fabric we love so much? Let's look at these three economic challenges. The many in our city who live in poverty - about 20% - must be given better opportunities, for jobs that pay well and have benefits. But good jobs--at least non- University jobs-- will come from an active private sector, so we must continue to work to attract well-paying jobs, often found in high-tech firms. Especially, we must replace the hundreds of jobs that will be lost from Downtown when NGIC moves. In addition, we must devote increasing resources to day care and other services for our low-income workers. Can West Main become a lively commerce center? Yes, but not without commitment. That's why we voted to allow two new hotels. That's why we work daily with the Train Station development, and that's -why the community drafted the Transition Zone ordinance, with the leadership of David Toscano and Maurice Cox. And can we balance economic development with the preservation of our history? Yes, if we follow through on our initiatives. We have approved a new historic district-- Wertland Street. in addition, we are pushing a Court Square Preservation Initiative, an Historic Resources Task Force, and a Lewis & Clark Center. We are starting corridor studies for all our commercial corridors to plan not only what type of business activity they shouM have but also how they shouM look. We also face the challenge of determining the future of the older buildings' recently purchased in the Downtown Historic District.