Special Bd. of Aldermen — 12/20/2018 Page 12
Alderman Lopez
Yes, thanks.
Alderwoman Kelly
My next question is for Mr. Cannon, | wanted to know about the competitiveness, | know that other places are
competing and have you ever seen someone not take a project?
Mr. Cannon Oh yeah, it has become a very competitive program. And first of all we don’t of those CDE’s that
currently have an allocation from February 2018 round, every one we have talked to says — we are fully
committed, but we know that’s not true. They all say that. So | could get a call, the applications for the next
round are in June so you can theoretically, and it has happened to me, get a call in May saying — well we
thought we were fully absorbed but now we need you because we need to fully deploy our credits before we
submit our next application to the US Treasury, because if we are not fully deployed we don’t look good. So
that is a chance to get existing money that is sitting in there now. But we are really putting our efforts on this
next $3.5 billion dollar round that is going to be announced this February.
We have had plenty of discussions with Mascoma Community Development Entity up in Hanover, they have
indicated an interest. This is still pretty big, it might require another one. But there are others, as | said before,
we are going to target about 12, there is one in Maine, one in Massachusetts and there are some others in the
northeast that we might try to get and there are some others out west that we may try, that have particular
comfort in investing in downtowns. So it is going to be competitive. | will just leave it at that. | think it is going
to happen. And | hope we get it in this round.
President Wilshire
Are you all set Alderman Kelly?
Alderwoman Kelly
Good for now, thank you.
Alderman Jette
| have several questions. In the middle there, the Investment Fund blue box. | can’t read that too number but
it looks like $19 million something.
Mr. Cannon $19,060,000.00.
Alderman Jette
So does the fact that this, you know the resolution talks about borrowing $15.5 million. Does this violate that it
any way?
Attorney Bolton
No, no, no. The Resolution always contemplated borrowing $15.5 and raising at least $4 million dollars from
elsewhere, we are even talking about borrowing less and raising more. But no, the authorization for what we
are going to borrow through bonds, this is perfectly compatible.
