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247 <br />the Charlottesville-Albemarle Community Foundation." <br />accepted the amendment. <br /> <br />Mr. Cox and Ms. Richards <br /> <br /> Mr. Lynch asked if it would be possible to provide the $250,000 as an interest <br />free loan for eight years, which could then be withdrawn or re-authorized by the Council. <br /> <br /> Mr. Toscano asked if Mr. Lynch's theory is that the matching funds may never be <br />raised, and Mr. Lynch said that is one possibility, but said he feels that we are breaking <br />new ground, and he wants an evaluation period. <br /> <br />Ms. Wheeler said there will be an independent evaluation of the program. <br /> <br /> Ms. Richards said she would advise that the program be evaluated sooner than <br />eight years, and Mr. Caravati noted that it will be audited every year. <br /> <br /> Mr. Cox said he respects the concern raised by Mr. Lynch, but is not comfortable <br />with the suggestion and does not think it is the right tool. <br /> <br />Ms. Richards agreed with Mr, Cox. <br /> <br /> Mr. Toscano asked how we are going to deal with the accountability issue down <br />the road, and Mr. Caravati said an annual report will be submitted in addition to the <br />evaluation. <br /> <br /> The resolution approving the Scholarship Program was approved by the following <br />vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Toscano. Noes: <br />None. <br /> <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that: <br /> <br /> (1) The sum of $250,000.00 is hereby transferred from the Capital Fund to the <br />Charlottesville-Albemarle Community Foundation for the purpose of establishing a <br />college scholarship fund for low and moderate income students; <br /> <br /> (2) The eligibility criteria for recipients of the Public Schools Scholarship funds, <br />as set forth below, are hereby approved: <br /> <br />II. <br /> <br />III. <br /> <br />IV. <br /> <br />Student must be a City resident. <br />Student must be a graduating senior or graduate from the Charlottesville <br />Public Schools. <br />Student must be accepted at an accredited two or four year college or <br />technical school in the United States. <br />Student must complete a financial aid package that shows financial need <br />and receive an award letter detailing the amount of financial aid that the <br />applicant is eligible to receive, and the Board of the Public Schools <br />Scholarship may request additional f'mancial information from applicants. <br />Student must be a citizen of the United States, or hold a permanent <br />resident visa. <br />For grants to continue from year to year, students must participate in an <br />appropriate mentoring program adopted by the Charlottesville-Albemarle <br />Community Foundation. <br /> <br /> (3) The Proposal dated 10/27/00 and entitled "The CharlOttesville Public Schools <br />Scholarship Proposal", attached hereto, is hereby accepted and approved by this Council. <br /> <br /> (4) Scholarship fund awards under this program shall not commence until the <br />total scholarship endowment reaches at least $500,000. <br /> <br />REPORT: PARKING PRINCIPLES <br /> <br /> Mr. O'Connell explained that the parking principles have been developed as part <br />of Council's strategic look at the future. Mr. O'Connell said that Council is being asked <br /> <br />[ <br /> <br /> <br />