Special Bd. of Aldermen — 11/26/2018 Page 7
the 2-year clock start ticking today? And the clock is re-set versus February 20" of this year, or is still ticking
as of February 20t and you have a year and roughly four months to get that same amount of money? Just to
say that there will be tax credits involved after there is a design module submitted; so when does the clock
start?
Mayor Donchess
| think the clock would remain the same but the chances of bringing in the $4 million dollars from the New
Market Tax Credits alone that would happen in 2019. So within the two years and so | think we are fine with
the 2 years.
Ms. Bell So still 2/2020 is the deadline and | know you said you weren’t at the point of the $10.00 donors,
$50.00, $100.00 and all those.
Mayor Donchess
We want enthusiastic support which | think we have but the advice of the professionals that we have is that you
need to get the big donations first, because if you allow someone who is thinking about giving $1 million dollars
to give $1,000.00 and sort of walk away, you are leaving a lot of money on the table. So the idea is, and again
this has been done over and over again, to get the big donations first.
Ms. Bell_ And I’m not sure if you had answered the question, I’m sorry if you did and | missed it, what is in the
bank up against the $4 million, what is our balance.
Mayor Donchess
We haven't really sought donations.
Ms. Bell Do we have nothing?
Mayor Donchess
We have followed the advice of the fund raiser and have not sought donations until we get the early large
contributors.
Ms. Bell So the whole thing is changing so that some of this money can be used for design when it wasn’t
before and in 2019 there is an expectation from everyone around in this room that there is going to be a
windfall of $6.5 million dollars between private funding which will include New Market Tax Credits.
Mayor Donchess
Correct.
Ms. Bell So our window just got really smaller and the expectation just got much heftier.
Mayor Donchess
| just want to make it clear that these aren’t my ideas, these are the ideas that the Capital Campaign
Committee and the fund raiser and the experts have come up with. So | am telling you ... this isn’t sort of my
theory, it is the theory and the plan of action that people who are very experienced in these areas have
developed.
