Board of Aldermen 2-12-2020 Page 14
ON THE QUESTION
Alderman Clemons
Thank you. I’m not going to support the amendment to put it to November 30". And the reason being is it
is two-fold. One, | don’t think that provides us enough stability for the New Market Tax Credit to my own
opinion. | think that puts everything to jeopardy and maybe | am speaking out of turn because | don’t have
the facts. But | would say, however, that the further out we go, the better off we are going to be when it
comes to those as far a question mark is concerned.
The second reason | am not supporting this is regardless of what date we put on the end of that, of course |
feel the further the better. But regardless of what date we put on the end of that, if we don’t get the New
Market Tax Credits, we are going to have to have this conversation anyway. But we can’t have this
conversation unless we extend the deadline somewhere or another. My preference is to go out until
August 31°, add the 18 months because that way if we somehow do not get these Tax Credits, at least the
project is still considered “shovel ready” and you know, it is not going to expire in a few months, it is going
to expire in a year from that point in time. So | would urge my colleagues not to support this.
Alderman Tencza
Just a point of clarification, Madam President, Alderman Schmidt made the motion to amend and for final
passage. So right now we are just on the amendment that came from the Budget Committee, debating the
amendment that came from the Budget Committee, whether we are going to accept that amendment. If we
accept that amendment then we will have a full discussion on the Resolution?
Attorney Bolton
Right now what is before us is Alderman Jette’s motion to change the date to November 30", 2020. After
that, what will be before you, depending on whether that motion passes or fails, you will be talking about
substituting the blue copy which is essentially which is what was done at the Budget Committee, either with
or without the change of date as proposed by Alderman Jette. Whether you want to substitute that for what
was originally put before you back in January. That will either pass or fail and then you will be voting on
whether, presumably other amendments could get made, but as the state of play right now is, once you
dispose of the amendment to the amendment, you are back to either what we call the main motion which at
that time will be either as originally presented back in January or as you’ve amended it tonight in those one
or two changes.
Alderman Tencza
Madam President, because | don’t think it is appropriate right now, I’d like to have more about the New
Market Tax Credits. But | think it is just on the amendment | will hold off and maybe Attorney Bolton can
give me like an explanation all by himself.
Alderman Lopez
Two things, first | guess the point of clarification, | guess Alderman Dowd is Chairing the Committee. |
thought the Committee, | was watching from home, | thought the Committee went around like a ton of
amendments and then ultimately concluded it was too late, all the amendments were coming out of
nowhere and so they voted to just move forward with the originally proposed amendment so that we could
then come up with a timeframe and amount that was specific to what the fundraising committee
suggested?
