These conferences will be expanded to include NMTC counsel at the appropriate
time.
More specific tasks include the following:
© Initially, the Consultant will focus on the creation of 2 project profile. This
document, which will become the basis for “selling* the project to
potential CDE’s, will focus on the following elements:
o Acompelling narrative that focuses on the need for the project,
its economic and community impacts, and its consistency with
NMITC program goals.
© Adeal structure, including detailed budget, flow of funds diagram,
financial assumptions, debt service calculation, and cash flow/DSC
projections. In accomplishing this task the Consultant will utilize a
financial model that he has developed and uses successfully over
several years.
This profile will be circulated to several CDE’s, including, at a minimum,
Mascoma Community Development ($23,000,000 in unallocated credits),
Citibank (new allocation of $65,000,000) and Massachusetts Housing
Investment Corp. (new allocation of $65,000,000). Follow up calls and
visits will be made to key contacts in these organizations and the profile
will be expanded to include discussion of project consistency with CDE’s
mission-specific objectives.
The project profile will also be circulated to US Bank CDC, which, in
addition to being the largest investor in credits, recently received a
$70,000,000 NMTC allocation.
® Ongoing modifications to the deal structure/model as financing details
emerge.
® Identification/formation of NMITC entities:
oO The Leverage Lender. This entity would receive bond proceeds
from City and lend them through the NMTC structure via an
Investment Fund ("IF”]. It would also collect Payments of interest
and principal from the IF.
& The Borrower/applicant entity (“Qualified Area Low income
Community Business” or “QALICB*). Ideally, this borrower would
be a non-profit entity in order to avoid COD tax fability. Further,
