Special Bd. of Aldermen — 10/26/15 Page 9
Alderwoman Melizzi-Golja
One of the questions that was asked of me is the $2.5 private plus the NH CDFA and what | am hearing you
say now is that is all combined and it is $2.5 including the NH .... So thank you.
Mr. Cummings Yes that’s absolutely correct, that $2.5 of the private charitable giving if you will, that
contributions, there is a number and | don’t want to say what that number is off the top of my head but
somewhere between $500,000.00 and $1 million dollars could come from the CDFA and then depending on
how the giving comes from the charitable side of things, that could be anywhere from $1 million to $2 million
dollars. In theory we could actually see something more than $2.5; we could see something a little less than
$2.5. We are in that range and we won't really know until we start pounding the pavement and making
solicitations and really seeing how the lead donor phase actually shapes up.
Alderman Jette
I’m really not trying to raise objections to this but | really thought that we had to establish an account by State
Law into which this money would be deposited and | am concerned, | hope that we raise all the money and
everything goes forward, but people are asking, probably not just me but I’m sure other people have asked
others of you if we don’t get to the $4 million that the legislation requires, what provisions are there to return
this money? Is that the plan we are going to return the money to people if we don’t get there and how do we
do that? And what about this State Law that requires that we establish this?
President McCarthy
Can you tell me what State Law that is?
Alderman Jette
No | can’t, we talked about it before.
President McCarthy
The only statutory requirement that | am aware of is that is has to go to a 501(C)(3) by Federal Tax Law.
Alderman Jette
No I’m thinking of a State Law that we have to deposit this money into and we have to be accountable for it.
I’m sorry that | didn’t expect that this would be part of the discussion and I’m sorry that | can’ tell you what law it
is, but we talked about it a month or two ago when we first started talking about raising this money.
President McCarthy
The only law that we have talked about is that if the City itself accepts the money then there has to be a trust
fund or special revenue account associated with it.
Alderman Jette
That’s what | am talking about.
President McCarthy
We are not doing that, we are putting it into the hands of a non-profit, it will never be the City’s money; it will be
in the non-profit.
