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116 COUNCIL CHAMBER - MARCH 16, 1970 PUBLIc HEARING RE: N. FIRST STREET ORDINANCE ADOPTED SEc, 4, ART. I J J, APP. I I PUBLIC HEARING RE: APPLE TREE RD. REQUEST DENIED REPORT ADOPTED= RECOMMENDATIONS RE: NEW HIGH SCHOOL - BOND ISSUE THE COUNCIL MET IN REGULAR SESSION ON THIS DATE WITH THE FOLLOWING MEMBERS PRESENT: MR. DAVIS~ MR. RINEHART~ MR. VAN YAHRES, MR. VOGT AND MR. WRIGHT. ABSENT: NONE. REV. DANIEL R. LOWE, PASTOR OF MT. VIEW BAPTIST CHURCH~ GAVE THE INVOCATION. THE MINUTES OF THE MEETING OF MARCH 2, 1970 WERE READ AND APPROVED. A PUBLIC HEARING WAS HELD ON THIS DATE ON A REQUEST TO REZONE PART OF A LOT AT 504 N. FIRST STREET. A COMMUNICATION WAS PRESENTED FROM THE PLANNING COMMISSION RECOMMENDING THE CHANGE. AN ORDINANCE ENTITLED "AN ORDINANCE AMENDING AND REENACTING THE DISTRICT MAP INCORPORATED IN SECTION 4 OF ARTICLE III OF APPENDIX II OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1965, BY THE REZON1NG OF A PARCEL OF LAND LOCATED ON 1ST STREET, NORTH" WAS OFFERED BY MR. RINEHART, SECONDED BY MR. WRIGHT~ AND ADOPTED BY THE FOLLOWING RECORDED VOTE: AYES: MR. DAVIS, MR. RINEHART, HR. VAN YAHRES, MR. VOGT AND MR. WRIGHT. NOES: NONE. A PUBLIC HEARING WAS ALSO HELD ON A REQUEST TO REZONE THREE ~ARCELS OF LAND ON APPLE TREE ROAD FROM R-2 TO R-3. A COMMUNICATION WAS PRESENTED FROM THE PLANNING COMMISSION RECOMMENDING DENIAL OF THE REQUEST. ON MOTION BY MR. RINEHART, SECONDED BY MR. VAN YAHRES, THE FOREGOING RECOMMENDATION WAS UNANIMOUSLY ADOPTED. A RESOLUTION WAS PRESENTED FROM THE SCHOOL BOARD REQUESTING AUTHORIZATION TO PROCEED WITH ALL NECESSARY STEPS TOWARD THE CONSTRUCTION OF A NEW HIGH SCHOOL AT AN ESTIMATED COST OF $7,170,460. PLUS COST OF ACQUIRING LAND AND MOVING UTILITY LINES. f'~J THE FOLLOWING REPORT WAS PRESENTED FROM THE CITY MANAGER' MARCH t6, 1970 To THE MEMBERS OF THE COUNCIL CITY OF CHARLOTTESVILLE, VIRGINIA GENTLEMEN IT IS MY RECOMMENDATION THAT THE PROPOSED NEW HIGH SCHOOL BUILDING WITH AN ESTIMATED COST OF $7~200,000.00, PLUS THE SUM OF $~,000,000.00 WHICH IS THE ESTIMATED COST OF (1) CONSTRUCTING A TWO-LAND ROAD WITH SIDEWALK FROM MC INTIRE-RT. 250 BYPASS TO MELBOURNE ROAD ALONG THE OLD RAILROAD RIGHT OF WAY~ (2) IMPROVE MELBOURNE ROAD (3) CONSTRUCT NEW BRIDGE ACROSS SOUTHERN RAILWAY AT LOCATION OF PRESENT BRIDGE, (4) RELOCATE THE ELECTRIC, GAS AND SEWER LINES AND (5) ACQUISITION OF THE SITE, MAKING A TOTAL OF ~8,200,000. TO BE FINANCED IN THE FOLLOWING MANNER. 1. BY THE ISSUANCE Of '~6:~(~)O)O00~OOC.tTY..,OF gHA~L0~¥E~VI~LE'G~NERAL OBLIGATION BONDS, AND 2. BY THE PAYMENT OF ~2,~00~000.00 FROM THE CAPITAL IMPROVEMENT FUND, AND 3. THAT THE BONDS BE I TO lO YEAR SERIAL BONDS, PAYABLE ~600)OOO. O0 PER YEAR WITH THE FIRST PAYMENT TO BE MADE ON OR AFTER ~ANUARY 1~ 1973, AND 4. THAT THE RETIREMENT AND INTEREST PAYMENTS BE MADE FROM THE YEARLY CAPITAL IMPROVEMENTS FUND. BY USING THE FOREGOING PLAN IT WILL BE POSSIBLE TO HAKE THE INTEREST AND RETIREMENT PAYMENTS ON THIS BOND' ISSUE WITHOUT INCREASING REAL AND PERSONAL PROPERTY TAX RATES FOR THIS PURPOSE. THIS IS ASSUMING~ OF COURSE, THAT THE 1~ LOCAL SALES TAX REMAINS IN EFFECT. TH tS PLAN WILL ALSO ENABLE THE CITY TO CARRY OUT ITS OTHER SCHEDULED CAPITAL IMPROVEMENTS~ MANY FOR WHICH THE CITY IS ALREADY COMMITTED. NAMELY, THE RECREATION BUILDING, THE ClTYtS PORTION OF A NEW JAIL~ THE CITY'S PORTION OF IMPROVEMENTS TO ~TH STREET) S. W., AND PRESTON AVENUE, URBAN RENEWAL~ LARGE COLLECTOR SEWER LINE ON THE SOUTH SIDE~ THE CITY'S PORTION OF THE NEW VOCATIONAL SCHOOL~ THE DOWNTOWN STREETS~ AND NUMEROUS OTHER SMALLER BUT NECESSARY PROJECTS. THIS PLAN WILL NOT REQUIRE THE USE OF THE TOTAL YEARLY INCREMENT TO THE CAPITAL IMPROVEMENTS FUND. IN THE FISCAL YEAR 1972-73 APPROXIMATELY $400~ 000. 00 WILL REMAIN IN THE FUND AND THIS AMOUNT WILL INCREASE ABOUT $36,000.00 PER YEAR SINCE THE AMOUNT OF INTEREST PAYMENTS WiLL DECREASE AS THE SCHOOL BONDS ARE RETIRED EACH YEAR. ALSO, AS THE COMMUNITY GROWS THE YEARLY INCREMENT TO THE CAPITAL IMPROVEMENTS ~UND SHOULD INCREASE AS A RESULT OF ADDITIONAL SALES. AS A RESULT~ OTHER SMALL CAPITAL IMPROVEMENTS WILL BE POSSIBLE WITHOUT THE ISSUANCE OF BONDS, HOWEVER, LARGE PROJECTS SUCH AS THE ENLARGEMENT OF THE SEWER AND WATER PLANTS~ ADDITIONAL SCHOOLS, AND OTHERS WHICH ARE SURE TO BE NEEDED FOR THIS GROWING COMMUNITY WILL HAVE TO BE FINANCED BY BOND ISSUES. As YOU KNOW It IS CUSTOMARY FOR THE CItY TO ISSUE 1 TO ~0 YEAR SERIAL BONDS WHEN FINANCING A PROJECT SUCH AS A NEW SCHOOL BUILDING. MY REASON FOR RECOMMENDING ~ TO 10 YEAR BONDS FOR THIS PROJECT IS DUE TO THE VERY HIGH INTEREST RATES WHICH PREVAIL AT THE PRESENT TIME. THE SHORTER TERM BONDS WILL OBVIOUSLY SELL AT A LOWER