Special Board of Aldermen 11-24-2020 Page 12
That’s this blue, highlighted entity right here which is essentially the same language that was used to create
the Hunt Board for the Hunt Library. So that’s a separate piece of Legislation, though it goes part and
parcel with this. | just wanted to reference it because, of course, we are looking to try to get a favorable
recommendation on that piece of Legislation after this particular topic closes this evening. It is not as
imperative that that piece of Legislation get voted on at your following evening. But, of course, if you are of
interest and of mind to do it, we would certainly welcome it. But there is not as much time sensitivity for
that separate piece of Legislation so that could go through the normal course of business.
Anyway, so | wanted to just quickly clarify that and Madam President, | am going to stop sharing my screen
here as that is essentially our formal remarks that we had prepared to quickly highlight how this deal was
going to be effectuated and | would close my comments by reminding everyone that we have been working
on this for a really long time and it’s been a huge effort within the community. We have got some great
support from various volunteers, | can’t say enough about all of them who have been involved; | am not
going to name them out of fear that | might leave someone out. But they all know who they are and it’s
been a pleasure working on this project. | am excited to bring it to fruition. So thank you and | ask for your
favorable consideration.
President Wilshire
Thank you everyone, thank you Director Cummings and everyone who was here to present, Mr. Cannon,
Celia, everyone who was involved, thank you all very much. | am going to start with questions from the
Board, if anyone has questions? No questions? Alderwoman Lu?
Alderwoman Lu
Thank you Madam Chairman, Madam President. | have several questions, so | am sorry if | am the rare
person who needs some help here. So if | could just get some clarification on — | understand the dynamics
of the Call and the Put, but what | am confused about is whether the Put is to sell their part, Mascoma’s
Put, they may be willing to sell for $1,000.00 or is it $10,000.00 or something, their interest in the financing
corp. or their interest in the real estate or is it their interest in the Impact?
Attorney Kaminski
Madam Chair, may | answer that?
President Wilshire
Mr. Kaminski, please?
Attorney Kaminski
It is their interest in the investment fund. Tim, if you could put that diagram up please?
Alderwoman Lu
Maybe he’s not here.
Mr. Kaminski
No | see him staring at the screen intently, trying to make it happen but as he’s doing that, let me explain
further. All that Mascoma is going to own here is an interest in the investment fund. The investment fund
doesn’t own the real estate, all the investment fund is, is the pooling vehicle that pools the Mascoma money
and the City’s $7.something million dollar loan together and sends that money down through the structure.
So they don’t own the real estate, all they own is an interest in the investment fund and all the investment
fund owns are the rights to collect the loans that are being paid by Impact through the structure.
