Special Board of Aldermen 09-28-2020 Page 12
Alderman Tencza
| do, | guess | have a follow up on the other end of the bond because hopefully at some point the bond
exceeds the taxes collected exceed the $425,000.00, you know, 25 years into the future. | think it’s a fairly
reasonable assumption. So there’s no, and correct me again, there’s no plan in this TIF that if the
proceeds exceed the amount of the bond, that the excess proceeds go back to the General Fund. They
would still go into this TIF District for | guess further investment just into this area, correct?
Chairman Dowd
Director Cummings?
Director Cummings
Thank you. | am going to check and confirm what | am about to tell you. But it is my understanding and
one — at any time we could repurpose the funds. You can do that at any point in time. | am pretty sure we
structured it in a way that will allow for the excess funds to actually go to the General Fund. Once we cover
all debt, principal and interest, the intention is to have all the excess revenue to actually go into the General
Fund. And that is common and not atypical when you have a project specific type TIF which this is.
Chairman Dowd
Did that answer your question Alderman Tencza?
Alderman Tencza
It did, thank you very much. Alderman Lopez?
Alderman Lopez
For Director Cummings, | just have a quick question, but | guess a comment too. | notice that you got a
New Market Tax Credit which | was extremely skeptical of, so | definitely owe you a congratulations on
that. But it will not be the larger amount, | thought we were talking about $4.6, maybe even 6 came in at
one point. My numbers might be completely made up. My question is for the TIF congratulations, that’s
good. Is there any possibility we can still get, I’m sorry, | am saying “TIF” and | mean New Market Tax
Credit. We have a New Market Tax Credit, is there any possibility of getting another donor before that
window closes?
Chairman Dowd
Director Cummings?
Director Cummings
Thank you, | know the Capital Campaign Committee is working fast and furious to try to bring in every
dollar that they can. We have tentatively scheduled a closing on December 15". So every dollar we raise
between now and then and there could be larger donors that still come in, would be our goal and what we
are striving towards. | can’t commit to the fact that any new donors are going to appear beforehand. But
just because we reached the New Market Tax Credit and just because we have achieved that $4 million
dollar criteria, does that mean that the group of dedicated people working on this are going to take their
foot off the gas pedal. I’ve been so impressed with the leadership of these community volunteers who are
really passionate about this project. They’ve had curveball after curveball thrown at them and they have
managed to figure out a way to keep moving this project forward. Even in the times that we are in right
now, to even be having this conversation is | think really truly a sign that we are heading in the right
