Board of Aldermen 11-24-2020 Page 29
R-20-094
Endorsers: Mayor Jim Donchess
Alderman-at-Large Lori Wilshire
OMNIBUS RESOLUTION REGARDING NEW MARKETS TAX CREDIT TRANSACTION FOR
THE PERFORMING ARTS CENTER
Given its second reading;
MOTION BY ALDERMAN O’BRIEN FOR FINAL PASSAGE OF R-20-094, BY ROLL CALL
ON THE QUESTION
President Wilshire
Discussion? Alderman Jette?
Alderman Jette
Yeah thank you Madam President. So when | hear Alderman Teeboom say that he is going to eat his hat if
anyone really understands this whole New Market Tax Credit Transaction, | think to myself if the Fireman’s
Contract was difficult to figure out, that’s simple compared to this. But the truth is, even though | voted
against the Performing Arts Center, this is a way for the City to get approximately $2.5 million dollars
through this Federal New Market Tax Credit Program. It’s a way to come up with the $4 million that is a
requirement in order to go ahead with this project. And even though | voted against the project, it passed
overwhelmingly so | am going to support this because | am sure | couldn’t explain all of the details of it. |
have a general understanding of it and | know that as complicated as it is, it’s the way we are going to get
the $2.5 million necessary - $2.5 million that the City is not going to have to pay for in order to go ahead
with this project.
This project is going ahead even though | was against it, it's going ahead, so this is a way of getting $2.5
million rather than the City having to come up with that money. | wish that we had had more time to go
through all of the details, but in order to get it, we’ve got to meet this December 15" deadline. | know that
Director Cummings has been working very hard to bring this all together, it’s a very complicated process. It
takes time and the deadlines were not imposed by him they were imposed upon him. In an ideal world, we
would have a lot of time to explore all of the details, but we don’t. So to vote against this because I’m not
familiar with every little detail of it would be costing the City about $2.5 million dollars, which | don’t want to
do. So! am going to support this. Thank you.
President Wilshire
Thank you, anyone else? Seeing no one would the Clerk please call the roll?
A viva voce roll call was taken which resulted as follows:
Yea: Alderman O’Brien, Alderman Klee, Alderwoman Kelly, Alderman Dowd,
Alderman Clemons, Alderman Lopez, Alderman Tencza,
Alderwoman Lu, Alderman Jette, Alderman Schmidt, Alderman Laws,
Alderman Cleaver, Alderwoman Harriott-Gathright, Alderman Wilshire 14
Nay: Alderman Caron 1
MOTION CARRIED
Resolution R-20-094 declared duly adopted.
