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201 Mr. Cox said housing is what he is really after, and he would prefer that with no conference center. Mr. Cox said he would embrace the idea if it is underscored that we see it is as neighborhood anchored by residential. Mr. Cox said part of the team are ail the adjacent neighborhoods. Mr. Payton said it vail be hard to get residential on the City Yard site as there are significant groundfield issues which will be discouraging for a developer. Instead, Mr. Payton recommended ringing the area with residential. Regarding the Water Street site, Ms. Richards said that the relocation of the CRy Market has to be a part of that. Mr. Caravati said he has a vision of mixed use in all areas, but feels that areas such as Preston Avenue can better absorb residential. Mr. Caravati said he feels that the convention center and other potential projects are needed. Ivlr. Caravati said the site also has access issues. It was the consensus of Council to focus on these areas. Ms. Clay-Christensen said the third issue for Council's consideration is: Develop Parking Strategy. The CRy mst move forward immediately with a clear strategy for addressing the parking deficit in the corridors with the greatest current and projected parking deficits. Based upon an independent parking study, the Downtown Mall and West Main Street are the priority locations for additional parking. Assuming the planned addition to the Water Street Parking Garage, the next most desirable locations are the further garage addition to the expanded Water Street Garage (south of the railroad tracks), and the Market Street site, between 7t~ and 9th Street. The City should also initiate/begin process of talking with owners/developers of the proposed garage at "the comer" on West Main Street. Additionally, the City should: Determine appropriate funding sources for the construction of additional parking. Potential funding sources should include both public bond financing and public-private partnerships; gauge support in the business community and citizenry for the development of complementary parking and transportation strategies, including a park and ride program into ]2~)wntown Mall, and the improvement of public transportation options available to commuters; Study the feasibility of a public, or public-private, parking authority, which will eventually be responsible for managing public parking facilities. The decision points for Council are: 1) Do you agree that parking is a ~ element of an economic development program and 2) Do you agree that the City must play a significant rote in the development of parking through the investment of public funds? Mr. Caravati raised the question of why the City should have an investment in parking when areas such as Washington, D. C. have virtually none. Mr. Bogorad said it is very unusual that Washington has not invested in parking, but feels it comes down to a competitive advantage, noting that Charlottesville has lost some to the suburbs and it does not have as much going for it as Washington does. Mr. McCauley noted that Washington has a successful metro system. Mr. Payton noted that Montgomery County, Maryland credits parking for their success. Ms. Clay-Christensen asked Council if they agree that there is a strong link between parking and economic development. Mr. Lynch said he does not. agree, and said if we have mobiEay vie can have economic development without more parking. Mr. Lynch said he thinks this can be achieved with more transit opportunities andbetter bicycle and pedestrian access. Mr. Lynch questioned if parking is needed, who should pay for it. Mr. Cox ~ he feels smaller parking areas are better, and those wrapped with something else should be the norm. Mr. Cox said he is concerned about the Water Street