Special Bd. of Aldermen — 05/20/2019 Page 9
Mr. Teeboom Against the building?
Mr. Cannon
Against the building as improved. Yes.
Mr. Teeboom $14 million dollars against a $2 million dollar building, who is going to do that loan?
Mr. Cannon
No, no no, the building when improved will be valued at ...
Mr. Teeboom Oh when it’s improved.
Mr. Cannon
When it is improved.
Mr. Teeboom Oh OK you didn’t make that clear, so when it is the Performing Arts Center you figure you’re
going to have $14.7 million dollars against that building.
Mr. Cannon
We are going to have that plus the $4.5.
Mr. Teeboom So the $4.5 is the market... ok so now it becomes clearer to me. Alright and the purpose of
that lower red one again?
Mr. Cannon
It is the owner of the building and borrower.
Mr. Teeboom And then what is the purpose of the top left?
Mr. Cannon
It’s the lender.
Mr. Teeboom The lender, let me understand that one. The top left guy owns the building.
Mr. Cannon
No.
Mr. Teeboom Who owns the building?
Mr. Cannon
Who’s on first? I’m sorry, Entity B which is the bottom of the diagram, the bottom one is the borrower and also
the building owner.
Mr. Teeboom Ok then why do you need the top red guy?
