Board of Aldermen 2-06-2020 Page 8
Chairman Dowd
Ok as is the case, all public hearings for the people that presented, are there any questions from any of the
Aldermen before we proceed to public input?
Alderman Jette
People are concerned about the status of the project. | understand what you have said about the quiet
phase, | think you called it, about the fundraising and that the fundraising professional that we have
engaged has been advising you to proceed in this way with this quiet phase. The problem, as I’ve told you,
is that when we don’t say how much money we’ve got, people are assuming you don’t have any. The
$250,000.00 that Bank of America announced last week | think it was, was great news. But that’s the first
we've heard about any money. Now the Mayor has said that Enterprise has added $100,000.00 to that.
What can you tell us to kind of give us comfort that when you say “things are going well’ it would be great to
know how well they are going and how much money you have been able to raise so far.
Ms. Novotny
Thank you for the question Alderman Jette. We have 30 lead-in major donor gifts at this time. Can you
hear me now? We have 30 lead-in major gifts right now and we have about 20 on the table that we are
waiting for their final commitment on. As the Mayor said, we had a $250 public announcement from Bank
of America, that was there choice to publicly announce their gift. We, prior to their gift, we had already sold
the tax credits and Enterprise Bank was already in before Bank of America made their gift as were several
other businesses and individuals. So you did the math, | know you all can do the math, so you know what
we have a minimum of and | can tell you we have more than that, obviously. We are following a proven
capital campaign strategy.
The capital campaign strategy is to raise 70% of our goal by having conversations, face to face, with
businesses and individuals. We have a core committee of eight people who all work either at a full time job
orrun a business. lf we were to go public at this time, we don’t have the resources and we are not ready.
We really want to have 70% of the goal before we announce it.
Chairman Dowd
All set Alderman Jette?
Alderman Jette
No. If | could, so when you say “do the math”, | know Bank of America has pledged $250,000.00. The
State Tax credit from the community development finance authority you know the Mayor mentioned $300
hundred and something. But actually the amount that we are getting from that Is $294,000.00, correct?
OK. And then Enterprise is $100,000.00? So | add up $644,000.00 right now.
Ms. Novotny
We have 30 pledges.
Alderman Jette
But you can’t say how much that equals?
