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Session 16:58, Minutes January 22, 1996 Page 4 this effort got under way, noting various activities and fundraising were undertaken by some of the property owners to keep the area from deteriorating further. He felt the neighborhood has now stabi- lized, adding that th, money privately raised was used as seed money to fund a number of projects. Ten buildings with 64 housing units are now being rehabilitated, and in the next phase, 11 buildings will be renovated. An open house was held last Sunday, and he provided brochures which showed the progress that has been made. He said establishment of the special business district will provide that all property owners will share responsibility for continuing the improvement programs by paying an increase of $. 85/$100 assessed valuation in property tax (about a 10% increase). A commission will decide how the money will be spent. One of the key aspects of forming the district is that the City commits itself not to diminish any of the publicly-funded services within this area. He said one of the challenges to forming the district has been the adjacent area in St. Louis; however, St. Louis has decided to create a similar district there that will also be on the ballot in April. Voter approval will enable the districts to work together to solve common problems. Mr. Giger said this was an exciting time, and a lot of work has been done by many agencies and individuals to get to this point. In response to Mrs. Thompson, it was determined that only the voters in Parkview Gardens will vote on this issue. Mr. Cotton asked how many property owners were needed to initiate this effort. Mr. Giger said one owner could make the request; however, 12 signed the petition. Responding to Mr. Cotton, Mr. Ol- lendorff said there were some differences between this and other types of initiatives, but he felt Council would be raluctant to put such an issue on the ballot unless it was clear that people in the district wanted it. Mayor Adams closed the public hearing at 7:52 P.M. Mr. Schoomer said a bill establishing the district is on the City Clerk's Docket for introduction; at the next meeting it will be voted on, and if approved, the measure will be on the April 2nd ballot. PUBLIC HEARING - COMMUNITY DEVELOPMENT FUND TRANSFER The City Manager stud a public hearing was scheduled for 7:30 p.m. this date and place to allow citi- zens to comment on the proposed transfer of community development funds from accounts where bids came in lower than expected or other funds were available to an account to cover the local share of the cost of the new Pennsylvania Avenue bridge. Mayor Adams opened the public hearing at 7:53 p.m. Mr. Cotton said long overdue repairs are going on on Etzel, and he was concerned about money be- ing taken from that account and from demolition. Mr. Ollendorff said both of those projects will be funded next year; this year, the City cannot utilize this money for those projects. The Etzel contract was $13,000 less thaa budgeted, and there is no time let~ to spend the money in the next two months. There will be another contract in the northeast area for street improvements after April 1, 1996, with