Special Board of Aldermen 03-15-2021 Page 8
outlined in the regulations is still something that | want to learn more about so | don’t misrepresent anything
to this body. | have my concerns, no doubt but it is definitely something that | know the EPA, DES and
Blaylock is very well aware of.
President Wilshire
Thank you. Alderman Tencza?
Alderman Tencza
Thank you, Madam President. Director Cummings, just asking a question about the TIF. | assume that the
idea is to establish a TIF to support a bond to make up for the City’s contribution to this project. Is that how
it works similar to the Performing Arts Center.
Director Cummings
Yes, if may? Yes, in theory that’s how it would work. No negotiations have occurred, nothing like that has
happened it’s been all very high level in terms of what tools would be available at the Federal Level, even
at the State Level, the question was asked and then at the local level. And obviously the readily tool that
we have available is the TIF and | think that is something that we had 2 or 3 years ago suggested would be
something we would be willing to entertain and that’s something we had a small appetite for. But we also
made it very clear that this was a public/private partnership where we had every expectation that it would
be the Federal Government, the EPA, the Developer and the City itself participating if we were to go this
route. That is what was represented to me and to the Mayor and to others on City staff when this
conversation started some 36 months ago or thereabouts.
| can’t begin to speak to how big the TIF will be. | can’t begin to speak to how we would structure it. Those
are all things that we would need to figure out. | am just looking to find out is this something we want to
actually continue talking about and have on the table for discussion. What | know is | need to ask for a lot
of additional information from Blaylock Holdings. | have asked for some of this information previously but for
me to able to make a recommendation to you and to the Mayor, | need some due diligence and some data
to provide that. For instance, sources and uses, how is this deal actually going to be structured financially?
What is the return on equity that one would be projecting? What’s the RR? These standard real estate
type of calculations | think | have a responsibility to do so that | can represent to you but for this type of tool,
this project wouldn’t move forward. And that’s really what | need to make sure | can do so everyone has a
comfort level in providing the type of financial support that may be necessary.
Alderman Tencza
Just as a follow-up Madam President, if | may. And | think you understand it is tough for us to take a
position on a TIF without really knowing what level of bonding would be necessary and what the, well |
guess what the return to the City would be. My feelings on the issue, and | appreciate you bringing this
forward to us and having this conversation, | think that’s an important piece of property for the City to make
active again. | think they are called the secant walls that the EPA is proposing, actually does a better job of
containing the sludge then is being contained right now. So | am optimistic about this project and | am
hoping we can have more information before we make any final decisions on it. Thanks.
Director Cummings
Agree.
Alderman O’Brien
Thank you, Madam President. Director Cummings, you mentioned that they are going to remove the
lagoons and try to make it into one. We are talking about two different sites. | don’t want to say
