Special Bd. of Aldermen — 12/20/2018 Page 20
Mr. Cannon_ It’s up to you.
Alderwoman Melizzi-Golja
Right but | mean it could go away in 7 years?
Mr. Cannon It could.
Alderwoman Melizzi-Golja
And where the endowment is going to stay there. So | think that is the box | think there needs to be a
discussion about and | know that Chairman Lannan invited members of the Steering Committee to come this
evening; | hope they are home watching. Because | think that’s an important discussion and that we need to
get that box up there just because we are getting ready to go out and have a Capital Campaign and that
people need to understand that that money is not going into the non-profit that is Entity A. That it is maybe
Entity B. So that is my only priority and my concern coming out of this discussion. | am comfortable with the
rest of this.
Alderman O’Brien
Thank you. | would just like to say to Mr. Cummings that if your objective and your position with the City is to
look at different ways to fund projects and everything else, you hit the game on this one. | think this is
something that | can see where Alderman McCarthy was very interested in coming up with a new way to take
this type of money. But you explained a lot about it tonight and | think a lot of us, at least | do, did read your
December 11" Memo as much as | could understand it, but | did read it.
So the thing is, what would you like out of us tonight, what is the second half of the deal here? Would you like
direction from the Board to continue on forward?
Mr. Cummings
My understanding was tonight was a presentation and really just wanted to inform everyone, | want you to feel
comfortable with this. | want you to know that | am available whenever you would like to discuss this further. |
would like to have this presentation at least 2 or 3 more times with the various groups that | mentioned
previously and then ultimately the big thing is to know that there will be resolutions filed either at once or in
sequential order, multiple ones, that will need to receive the majority vote of this Board to execute on this
program. There is more to come on that but that is ultimately what we are working toward.
Alderman O’Brien
Follow up? If you so wish and | am sure other Aldermen, I'll speak for several here, when that time comes for
resolutions please come to see us, because | think the whole thing the tax payers have spoken, they would like
to see the Arts Center and this seems like a very viable funding project. It seems to be very modernized:
looking at several communities such as from up north Berlin to Keene in the west and everybody has done it
so this isn’t a new idea so | feel very comfortable with this. Thank you.
Alderman Jette
Just for clarification Mr. Cannon when Alderman Tencza asked you about what the City had to do during the 7
year period, you said pay the loans and | heard an ‘s’ there. You are talking about paying the bond?
Mr. Cannon No I’m sorry, | should say pay the rent which pays the loans.
