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281 <br /> <br /> Responding to a question from Mr. Toscano, Ms. Peacock said that funds for City <br />Yard redevelopment were put in the Central City Development fund last year in the <br />amount of $200,000, half of which was used for the transit study. <br /> <br /> Mr. Toscano suggested setting up a category for Jefferson School renovations <br />similar to other projects, Mr. Toscano said he thinks the program should be developed <br />independent of how much money is put into the fund. Mr. Toscano said he would <br />support front-loading the fund with $750,000 or $500,000 the first year and some in the <br />next four years. <br /> <br /> Mr. Cox recommended rolling in the historic preservation money to make the <br />total $2 million. <br /> <br /> Mr. Lynch said the Maggie Walker renovation model could be used which totaled <br />$6 million, one third of which came from the City. <br /> <br />model. <br /> <br />Mr. Toscano said he did not think the task force should be limited to another <br /> <br /> Mr. Cox said he would support putting $1 million in the fund the first year and <br />$500,00 the next two years for a total of $2 million. <br /> <br /> Mr. Toscano said he would start with $1.5 million over five years, including <br />rolling in the historic preservation money, or $700,000 the first year plus $200,000 in <br />historic preservation funds, and $400,000 in years two and three. <br /> <br /> Mr. O'Connell said the remainder of the surplus could remain undesignated. <br /> <br /> Mr. Lynch said he would favor pulling money out of the strategic investment <br />fund and putting it into facilities repair. <br /> <br /> Mr. O'Connell reminded Council that the strategic investment fund is an <br />investment that has a return. <br /> <br /> Mr. O'Connell said staff will provide information showing an overview of <br />facilities repairs throughout the city. <br /> <br /> Mr. Cox said excess surplus funds could be put into housing initiatives. <br /> <br /> Mr. Toscano said the excess surplus could be split among the following <br />underfunded projects: Downtown Mall, Mclntire Park; and housing. <br /> <br /> Mr. Lynch said he feels greenways are underfunded, but Mr. O'Connell pointed <br />that that over $300,000 exists in that fund. <br /> <br /> Mr. Caravati asked that Council be provided the current balances for capital <br />projects. <br /> <br /> Mr. Cox asked what the options are for addressing the School capital needs. <br /> <br /> Mr. Lynch said he thinks the Schools need a minimum of $2 million for capital <br /> projects, and said some revenues may need to be raised to do this. Mr. Lynch said he <br /> thinks Council should refuse to cover the shortfall of State funding for agencies. <br /> <br /> Responding to a question from Mr. Caravati, Mr. O'Connell said staff will provide <br /> Council with a report on the pros and cons of reducing the fund balance. <br /> <br /> Mr. Caravati said the fund balance could be reduced by .5% this year and .5% <br /> next year, with the savings put into the capital budget. <br /> <br /> Ms. Richards said the City is paying more in debt service and asked how <br /> reducing the fund balance will affect the City's bond rating. <br /> <br /> <br />