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297 <br /> <br /> Mr. Cox asked what would not get done if these funds were removed, and Mr. <br />O'Connell said projects such as the east end of the downtown mall, mall improvements, <br />West Main Street, and City Yard. <br /> <br /> Ms. Richards said she does not have enough information on the economic <br />initiatives to know what to cut. <br /> <br /> Mr. Toscano noted that Council had a long discussion last year about putting $1 <br />million in to build up a fund for City Yard. <br /> <br /> There was no support for Mr. Lynch's proposal to remove funds in the strategic <br />investment fund. <br /> <br /> Mr. Caravati recommended reducing the fund balance by 1/2% in 2003 and 1/2% <br />in 2005, and Mr. O'Connelt said that if it is reduced, it increases the likelihood of having <br />to borrow, especially if capital funds are used up. Mr. O'Connell recommended that if <br />Council wants to redUCe the fund balance it do so at its annual fall retreat. <br /> <br /> Mr. Caravati said he does not thimk reducing the fund balance will affect the <br />City's bond rating as long as the City is prudent and as long as the funds are used for <br />capital projects. <br /> <br /> It was tentatively agreed that $1.5 million be provided for Jefferson School over <br />the next three years ($750,000 in year one, and $350,000 in years two and three) to come <br />from the FY 01/02 surplus. <br /> <br /> It was agreed that historic preservation funding would remain in that account and <br />it could be applied for to use for Jefferson School. <br /> <br /> The remainder of the surplus was tentatively divided among housing, downtown <br />mall and Mclntire Park ($166,666.67 each). <br /> <br />journed. <br /> <br /> /p/residentr - .. ~ <br /> <br />NOTICE OF SPECIAL MEETING <br /> <br />A SPECIAL MEETING OF THE CHARLOTTESVILLE CITY COUNCIL WILL BE <br />HELD ON Thursday, March 21, 2002 AT 7:00 p.m. IN THE Basement Conference <br />Room. <br /> <br />THE PROPOSED AGENDA IS AS FOLLOWS: <br /> <br />Transportation Work Session <br /> <br />BY ORDER OF THE MAYOR <br /> <br />BY Jearme Cox <br /> <br />BASEMENT CONFERENCE ROOM - March 21, 2002 <br /> <br /> Council met in special session on this date with the following members present: <br />Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Toscano. <br /> <br /> Mr, Jim Tolhert, Director of Neighborhood Development Services, reviewed the <br />current status of various City and County road projects. <br /> <br /> Ms. Richards pointed out that Hillsdale Drive, which is a high priority for the <br />City, is not on the list. She also said that the Southern Parkway was missing from the list. <br /> <br /> <br />