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Regular Council Meeting July 22, 2013 Page 4 Incubator. Sydney Young said she did not have that information in front of her but said that PEDC was not the only funding for the Incubator. She said they got money from the clients and sponsors. Ms. Young said she met with Dr. Anglin and Rebecca Clifford last week for about two hours to discuss funding and they were going to meet again the next day to figure out a matrix for the Incubator to actually be able to check off, so that they can show which clients meet PEDC funding and which clients meet other areas. Council Member Wright said that would be very helpful information. Mayor Hashmi said he was in favor of the Incubator, but not the manner in which it was being funded. He said he thought cutting off their funding without sufficient time was a bad ideal and that is why he agreed with Council Member Wright that the City should pick up the cost of $89,000 with a time limitation of nine months, during which time they should find alternative funding. Mayor Hashmi said it was his understanding there would have to be a contract or agreement between the City and Incubator. Council Member Jenkins said he would be fine with that, as did Council Member Lancaster. Council Member Grossnickle said it would be helpful to know how much anticipated income there is from donations and other contributors so that they could perhaps reduce that $89,000. Mayor Hashmi said Ms. Young was going to bring that type of information back to the Council. Council Member Frierson said he had the proposed 2013 -14 operating budget for the Incubator and if his numbers were correct, it looked like 40% of their income was from sources outside the PEDC which totals $39,572 in sponsorships and $22,000 in program service fees. Council Member Frierson said his understanding was that everyone wanted to move forward with the Incubator and the only issue was that the contract language was sufficient. Council Member Wright asked Council Member Frierson if he had the numbers on what the other areas were contributing and Council Member Frierson said he did not. Council Member Drake said she would like to hear the report back from Ms. Young. It was a consensus of City Council that once the requested information was received and reviewed by Council, that staff could draft a contract and bring it back to City Council. City Attorney Kent McIlyar said if Council was going to look at funding the Incubator as part of a 380 Grant Program that Council would need to develop policies and guidelines for a 380 Program. Mayor Hashmi said the Council needed to be properly educated on 380 Programs and possibly doing so at the next council meeting. Mr. Anderson said they could also discuss it during the budget workshop, because they would discuss fiscal year 2013 -14 for the funding. Mayor Hashmi said they would table this item for the time being. 14. Review and discuss draft map for reinvestment zone for Residential Tax Abatement Program. Mr. McIlyar said at the last meeting Council reached a consensus on the criteria for the residential tax abatement and that staff would bring it back in final form on August 12th. He said this meeting was to receive any additional comments or changes to the reinvestment zone map before finalization on August 12t ". Mayor Hashmi said the purpose of creating this program was to encourage growth in the blighted areas of town, but was not intended against anyone or to discourage development in other areas. Council Member Wright said he was happy with the map as drawn. Council Member Jenkins said the area that they previously agreed upon was the best area for this program. Council Member Lancaster said it covers the areas where homeowners needed help to fix their houses, which would improve the City by doing that. She said she was happy with the map. Council Member Grossnickle said the only areas he might