Board of Aldermen 02-23-2021 Page 13
President Wilshire
OK.
Alderwoman Wilshire
Thank you. So | will skip to — well regarding my question, the terms of the agreement are that this in lieu
payment, there will be six of them in years, | don’t know 4, 3 through 7, whatever, 3 through 9, the terms are
that they will be set aside for use to guarantee parking. So that’s why | wanted an understanding, does that
mean these are not available unless we are going to repair a parking garage or build a new parking garage?
Or does that mean we can use that to service the bond that we have committed to this project? And that
wording is on Page, perhaps Director Cummings is more familiar with it, | mean I'd be happy to have him
address this if you'd like. | think it is page 11.
Drew Melville, Counsel for the Developer Can you hear me? Hello? My name is Drew Melville | am counsel for
the developer. If anyone can’t hear me just let me know but | am talking into my mic at the home studio. | just
want to point out that is on Page 11 and it is in the new version of the MBA that we were circulating. The
payment in lieu parking requirements that you are addressing is Section 4.7.
Alderwoman Lu
Thank you, | found it.
Attorney Melville And also just to address the earlier comments from Alderman Jette, we had circulated the air
right’s lease a while back. We also this week, Peter the Developer, my client for L&G, he had gotten plans
showing the 49 space parking garage and we had circulated those to Tim Cummings. So | don’t know, they’d
probably be on there now but | am happy to circulate anything to anyone who needs as well. And I'll write my
email address in that chat, so you know who to reach out because | have all these documents and updated
stuff.
Alderwoman Lu
May | continue?
President Wilshire
You may. | thought perhaps Mr. Melville was going to answer my question whether, you Know what the
restrictions were on that, whether it would be available for bond service.
Attorney Bolton
| can answer.
Alderwoman Lu
Alright.
Attorney Bolton
If it’s required to be held in escrow for another purpose it will not be available for that purpose.
