Board of Aldermen 2-12-2020 Page 16
So why wouldn't we look at the bond itself and say, “We need to amend the bond at some point” and why
wouldn’t we plan on doing that now rather than waiting 18 months and the only way out of this for
everything to succeed for 18 months to be passed, versus having a way of saying, “OK well we know that
we’ve raised the private fund money, they did it, they reached their goal”. | think by lowering the amount
we probably could accelerate their completion of that. Then we could start facing the reality that we
probably will have to bond more of this. And rather than doing nothing until 18 months have passed or until
we do get New Market Tax Credit, why don’t we do something to move this project along before it becomes
more expensive.
Alderwoman Kelly
Thank you. | will not support the amendment by Alderman Jette. | appreciate a lot of the concerns that
have been brought up. This is not the last time we are going to talking about this. | know that there is a lot
of pieces that need to fall into place to (inaudible) it is not unusual for project of this caliber. Justa
Clarification that the 18 months has come because the Committee, the Capital Campaign Committee had
said two years, what we were given, we weren't able to start until July can we have the rest of that time?
And | think given that they have the momentum, that we’ve invested a little bit over a million dollars, that’s a
fair thing to allow them to continue to do the work that they are doing.
And it’s not only that but there are volunteers also on the Steering Committee that have done the kind of
work on figuring out how this going to work. So | will not support that | think the 18 months is reasonable.
Alderman Klee
Thank you | am going to echo what Alderwoman Kelly just said. What | won’t really talk to is that the New
Market Tax Credits until we get there. | do want to point out that we did only have about 6 or 7 months to
work on it. Giving them the extra 18 months gives them the whole 2 years which is what we promised
them. And somewhat to the New Market Tax Credits, | know it’s kind of bantered about at the beginning
that we may or may not get it. And | agree, | don’t have a crystal ball. So in that respect though | did a lot
of homework and the area that they are talking about, from French Hill all the way through the Main Street
all the way down is what is referred to as the Severe Distress Area. It’s one of few severely distressed
areas. So it’s called eligible NMTC Severe Distress which does kind of follow up to the top of it. Again we
don’t have a crystal ball, we don’t know if we will get it. They didn’t get it last time around. | am hoping that
because we didn’t get them the last time around we are more eligible for it. | don’t put all my eggs into that
basket though. | do think the conversation as far as the $4 million dollars and so on, | think it is too soon to
do that | think we should find out whether or not we get the New Market Tax Credits and | think we should
talk about it then. Same thing with the bond, until we have a full notice as to whether or not we are going to
get the New Market Tax Credit, | think we should premature to try to push money up in the bond and so on.
And the one thing | really want to say, the shorter window that we give them is $2.5 is we put other
donators in jeopardy because they are going to feel that we don’t have confidence in this. | think by
showing that we do have confidence by giving them the promise from the beginning, we will give the
confidence to them. We have already heard that two people have approached to speak about possibly
making donations and so on. | think we need to let the momentum grow and give them what they need.
Alderman Caron
Thank you. | won’t support this 6 month extension, | think the 18 months is really worth it. And as | said
last week, if you take out that $4 million dollar need, | will not support anything. And | think the problem that
everybody seems to be talking about is the New Market Credits. When that amendment was put in, 2017
or whatever it was, it said $4 million dollars of private donations. It didn’t say New Market Credits, it didn’t
say this grant, it said come up with $4 million dollars. It didn’t matter how. So to keep saying that this group
who are trying to raise this money only needs $2.5 million dollars is really not true, because how can you
support something that you are asking for $4 million; hoping that you are going to get New Market Credit.
And | have to agree with Alderman Lopez, we never got an update as to why we didn’t get them.
