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22 <br /> <br /> Mr. Caravati said he would like to see funding for housing initiatives increased to <br />$250,000. <br /> <br /> Mr. Cox asked if improvements were done in a two block radius of the Drewary <br />Brown Bridge on West Main Street would there be adequate funding for that. <br /> <br /> Mr. O'Connelt replied that there is probably funding for one or two additional <br />projects. <br /> <br />HISTORIC PRESERVATION <br /> <br /> Mr. Toscano said he feels if people think an historic building is worth saving then <br />tax money should be put into helping preserve it. <br /> <br /> Mr. O'Connell said that Council needs to decide on an mount of money to put in <br />the budget for Mr. Toscano's proposal if they agree, and criteria can be dealt with later. <br /> <br /> Mr. Caravati suggested that input be gotten t~om the members of the Board of <br />Architectural Review about the proposal. <br /> <br /> Mr. Toscano said he would like more information about how such a program <br />would relate to state and federal tax credit programs and whether it has to be a loan or if <br />it can be a grant. <br /> <br /> Mr. Cox said he feels a $10,000 limit is too low for historic preservation of <br />residential property in low to moderate income neighborhoods and he likes the idea of it <br />being a grant. Mr. Cox suggested taking the limit off for residential properties. <br /> <br />Mr. Toscano said he feels that that $250,000 is a reasonable amount to budget. <br /> <br /> Mr. Clyde Gouldman, City Attorney, suggested that a subcommittee be appointed <br />with a Councilor and BAR representative to act as a sounding board, and who could then <br />review the proposed program and make recommendations to Council. <br /> <br /> It was the consensus of Council to support the $250,000 and to have a <br />subcommittee make recommendations to Council. <br /> <br />ECONOMIC DEVELOPMENT/STRATEGIC INVESTMENT FUND <br /> <br /> Mr. Aubrey Watts, Director of Economic Development, reviewed a chart showing <br />assessment of properties, the revenues generated by them, and the amount of assessment <br />needed to support new City services. Mr. Watts also reviewed economic development <br />capital projects, including technology zone incentives; Market Street garage retail; Water <br />Street parking addition; Union Station tran~sfer station design; technology training center; <br />downtown visitors center; and parking study. Mr. Watts explained that a change in state <br />law will allow Council to designate the City as a technology zone. which will enable the <br />City to provide incentives for the first five years for technology businesses. Mr. Watts <br />said the program would also apply to existing businesses, and would be a significant <br />marketing tool. Mr. Watts said that it is proposed to bring the retail space on the mall <br />side of the Market Street parking garage out to the edge of the mall. Mr. Watts said that <br />parking has been identified as the greatest single infrastructure need downtown, as a <br />significant deficit exists now. <br /> <br /> Mr. Caravati said his concern about the technology zone proposal is that we make <br />sure that it benefits Charlottesville residents, though he is not sure that can be done unless <br />residents are targeted to train. <br /> <br /> Mr. Watts said the technology zone would give the City the opportunity to <br />provide clean, higher quality businesses that provide upward mobility in employment and <br />higher levels of jobs. <br /> <br /> <br />