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MINDTES <br />CITY COUNCIL <br />NOVEt4BER 8, 1995 <br />will not be needed, but asked that that figure remain <br />in the Budget at this point. <br />With regard to the 10% Budget, Fahey suggested that the <br />City set some parameters for use of 10% Funds. Fahey <br />stated that in an effort to develop the City and reduce <br />taxes, a portion of the fund, as much as 50%, should be <br />earmarked to go into the EDA to assist in the City's <br />efforts with the Rice Street redevelopment project. <br />Fahey noted that the fund is projected to have a <br />balance of $110,000 in 1996. Fahey stated that he <br />would like to see this policy set in place for the next <br />couple of years. Secondly, Fahey felt that the 10% <br />Committee should be encouraged to look at spreading the <br />dollars around to different needs. Fahey pointed out <br />that there are a wide variety of interests represented <br />on the Committee, but he would like to see the money <br />spread around. A third option would be to depart from <br />his second suggestion, and do something bold like <br />putting a four-year plan in place where one large <br />project is completed each year with 10% Funds. <br />Lighting the ballfields at Pioneer Park or constructing <br />another basketball court at Pioneer Park would be <br />examples. <br />Fahey felt that request for 10% monies would always <br />swell to the level of available funding. Fahey stated <br />that he did not want to see a lot of little things <br />accomplished that might not be necessary, when there <br />are large projects in the City which could be <br />completed. Fahey stated that he would like the 10% <br />Committee to consider his suggestions. <br />Scalze stated that she agrees with the suggestion of <br />setting aside 50% of the Funds in the EDA to assist in <br />redevelopment efforts. <br />Morelan stated that it is clear that money is needed to <br />assist in redevelopment ef£orts, and pointed out that <br />this was already done last year in that $46,000 was <br />taken from l0o Funds to pay for the Rice 5treet Study. <br />Morelan asked if there were other funding sources for <br />redevelopment efforts. <br />The City Administrator replied that TIF District <br />administration fees are a source, but he was not sure <br />what kind of dollars would be available from these <br />fees. <br />Fahey suggested that there is no higher priority for <br />the City than to try to maintain viable commercial and <br />7 <br />