Board of Aldermen 12-11-2018 Page 27
think we are staying within that. | think we still stay within the intent, | think delaying it is, this is just my
opinion, but | think it would be wrong and going outside the bond | think we lose the honesty and
transparency of it.
Alderman Tencza
Thank you and | would just echo what Alderman Klee said regarding finding outside source of funding. |
think the two kind of over-arching themes of the non-binding vote was that the bond amount was going
to be $15.5 million dollars and there is going to be this $4 million-dollar pot of money that is set aside
for operating costs or for some kind of trust to help operate the facility. What we are asking for with this
amendment is to access some of that money so we don’t have to go outside the bond so we can
continue with this project moving forward, but also so that we can have some flexibility with that $4
million or even $6.5 million dollars that is going to be coming into the project.
| said it at the Committee meeting, as far as the amendment that they have asked for for the New
Market Tax Credits, in my opinion | am not even sure that we need to put that in there because that is
outside money not coming from the City coffers. We are not asking City tax payers to contribute any of
that, it is just another source of grant funding, essentially that we are going to be asking to use. This
would help off-set City costs, help improve the construction and design of the building and make the
Performing Arts Center the best that it could be. So | would not support sending it back to the voters,
because that would delay this far beyond what we can afford to delay in this project.
It is a fair resolution if we were back here and the City was asking to increase the bond to $20 million
dollars then | think this would be a much different outcome, but given the reasonableness of this
request, | am hoping that it passes tonight
Alderman Lopez
Alderman Jette’s comment reminded me of something a constituent asked me regarding the wording,
as | understand the wording was “no money shall be spent on construction or renovation except for” but
if that is the beginning part of it, does that mean, | mean is there a specific restriction on architectural
drawing, because | don’t think that is building or renovating. | guess my question is directed at Attorney
Bolton.
Attorney Bolton
| don’t remember that being the wording | remember the wording being something to the effect of
“except for the acquisition cost and on-going maintenance of the building no other funds will be
expended prior to the raising of private funds in the amount of $4 million to be used for continued
operating expenses, words to that effect. | think pretty much excluded everything but the acquisition of
the building and the on-going maintenance of the building. | am just by memory because | don’t have it
in front of me.
Alderman Lopez
My memory was based on what Alderman Jette just said so | would like to confirm first, so it is not
dependent, it’s not going to be on construction or renovation, but you can use it for purchase, it is
saying no money period.
Attorney Bolton
Purchase and on-going maintenance.
