Board of Aldermen 2-12-2020 Page 17
So that’s not a guarantee, you know? So we keep talking about that, but really the campaign fundraising is
for $4 million dollars. And | agree also and | won’t elaborate, but we don’t get any information you know
about what we have in the bank. Oh | hear this, | hear that; and it’s not fair to the Board because you can’t
make a great decision and it’s not fair to the public, especially those who are not in favor of this because
they feel we are just not getting told what is happening out there. And | worked on a campaign for the City
for a project and the minute the gentleman came out and said, “I want my name in lights” we said, “can we
use your name” and when we did, more people came out and made donations, because they trusted that
person, they believed in the project. We don’t know anything, | mean other than Bank of American and
then Enterprise Bank comes out? You know people want to get their name out when they are making
these kinds of donations for this. We are a public entity it’s not like the Y trying to do a major campaign
project. We are a public entity so we have a responsibility to the people here. So | won't vote for your
short term extension. | don’t mind the 18 months, | don’t mind giving them more time but | will not as long
as | am sitting here, will not vote if there is not $4 million dollars in the bank. | don’t care about the manager
| don’t care about — that $4 million dollars was there to make sure people were involved in this project and |
have lived through a lot of projects that died because once the public walked away we did nothing. Thank
you.
Alderwoman Lu
| want to just point out, | don’t understand what some of you are basing your resistance to the, what you call
the short-term, because | was for something being sent through the end of the year. So is it just a sense
that you need a longer term? | mean it would be easier, | actually tried to get that information, if they are
giving out the tax credits some time during the middle of the year, | don’t understand why you would
jeopardize, if our bond is contingent on funds being gathered by December 1°". It is way past the time when
the New Market Tax Credit, for instance, will help and build up. There has been a lot of just poor
communication and it is just built into feelings from the resident. But for instance in 2018 at one of the
Committee meetings it was said that we are actually meeting with people now, we are having face to face
conversations now. This was 2018. Then in 2019 in July we were told that the Capital Campaign
Committee is doing really well. But now we find out they didn’t really start until September. So it’s just ...
and if you are not putting all of your eggs in that basket where else are you putting those? | just want to
know what are the options that you are working on if this doesn’t pan out.
Alderman Laws
Thank you Madam President, if it’s ok with you, | see him sitting in the corner over there and | would like to
just ask Director Cummings if it is even a possibility that we can, if Alderman Jette’s amendment would
jeopardize our qualification for the New Market Tax Credits, regardless of whether or not we agree with the
process of the New Market Tax Credits. | mean it be a non-starter anyways if we can’t get them because of
that time period.
President Wilshire
Director Cummings did you want to answer that question for the Board please?
Tim Cummings, Director of Economic Development
For the record, Tim Cummings, Economic Development Director, | would not recommend that you move
forward with the Jette amendment at this time, it is too short of a window. In my opinion, | think it would be
not giving this Committee enough time for whenever those announcements are being made.
Alderman Laws
That being said, would it disqualify us from competing for the New Market Tax Credits if we were to pass
Alderman Jette’s — I’m just curious.
