Special Bd. of Aldermen — 12/20/2018 Page 19
Mr. Cummings
Well one | want to make sure the Steering Committee has a full conversation about this process and have
them make a recommendation as to how they would like to see it unfold. | would like to make sure that this
body is comfortable with that and then also the Mayor. | mean those are the 3 big stakeholders that need to
come together to make sure that they are all in agreement with how this is structured.
Attorney Bolton
| want to say | am going to be a proponent of now making this any more complicated than it has to be, so
another 2 non-profit entities with separate Board of Directors who all have a say where every nickel gets spent,
and contracts with the City and arguments over who does what is not what | am looking forward to.
Alderman Gidge
Well it will work if it works it is really good | mean so much money made by so many people we get a little of it.
Not doing much research you can see that question, is there anything like we say sign on the dotted line,
where would be an extra charge, where could we be charged more? A bank? The bought/sold, there is
something that ...
Mr. Cannon | can suggest two areas. One of the options of avoiding extra non-profits is to use existing entities
even State—wide entities can be the lender, the intermediary lender. And maybe an existing entity to be the
QALICB. | am sure if we did that, there would be a fee, if we were to bring in a State-wide non-profit to be the
lender and pool the money and just you know, is it a reasonable fee? Maybe it works; but those are the kind
of things, that’s why those boxes aren’t there because we are talking about it, we are looking for the way to do
it. There is always something, but remember you are dealing with yourself, so it’s not at the last minute the
bank is going to come in and say — you forgot the $70,000.00 fee for originating a loan. You are originating the
loan. So | don’t think there are going to be a lot of surprises here. | think by the time, | was told by the
construction manager that they will have a guaranteed maximum price with what, by mid-March or the end of
March?
Mr. Cummings
Yes by mid-March.
Mr. Cannon So! mean you will have a pretty well locked in budget by then.
President Wilshire
All set Alderman Gidge?
Alderman Gidge
Yes thank you.
Alderwoman Melizzi-Golja
Thank you. Attorney Bolton, I’m with you keep it simple. | guess my only and again my antenna went up about
non-profit being a non-profit is because | think we need to have a discussion sooner rather than later about that
endowment non-profit because | think people need to understand what the difference and that one non-profit is
just leasing the building are our lease payments are going to them and how that is flowing through. And
basically after 7 years that like goes away.
