Board of Aldermen 10-13-2020 Page 25
Alderman Dowd
Yes | am going to try to be brief as possible. These things are really tied together. The development on
School Street came to fruition because of the Performing Arts Center. The fact that the parking garage had
to be talked about going under that was a compromise to all the neighbors who, if we separate this, and not
do the parking underneath is an afront to all those people in that neighborhood. And it will be a hardship to
them. So this is like dominos. Also the TIF the wording also includes the two items. If we separate these
we will have to have two new public hearings, we may not be able to close by December. And | work with a
contractor every single day that is involved with the Performing Arts Center, if we don’t close in December
the price is going up and the $5.5 million will not be enough. We need to get this done now. So | will not
support separating these.
President Wilshire
Anyone else on the motion to separate the bond into two separate Resolutions? Seeing none, the Motion
is to split the issue. Alderman Lu?
Alderwoman Lu
Thank you | didn’t raise my hand because | thought Alderman O’Brien would be called on. | just had a
question. | don’t understand about the December 15" bond closing. Are we talking a bond closing or the
closing on the Performing Arts Center construction?
President Wilshire
| am going to let Alderman Dowd. Alderman Dowd that went to Budget, do you have that answer?
Alderman Dowd
| think Attorney Bolton wants to address it.
President Wilshire
Ok, Attorney Bolton.
Attorney Bolton
The closing that’s being referred to as being scheduled for December is on the New Market Tax Credit
arrangement.
Alderwoman Lu
Thank you, just a follow up. Did! miss a meeting? | have not heard that we have a closing date for that? It
seems that everyone else is aware of it. Was that discussed?
President Wilshire
We've talked about it. We've talked about it at least at Budget.
Alderwoman Lu
December 15!"
