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NEW BUSINESS — ORDINANCES
O-20-036
Endorsers: Mayor Jim Donchess
Alderwoman-at-Large Shoshanna Kelly
Alderman Richard A. Dowd
Alderman Skip Cleaver
Alderman Linda Harriott-Gathright
Alderman Patricia Klee
Alderwoman Elizabeth Lu
Alderman-at-Large Michael B. O’Brien, Sr.
Alderman-at-Large Ben Clemons
Alderman-at-Large Lori Wilshire
ESTABLISHING PERFORMING ARTS CENTER BOARD OF TRUSTEES
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President Wilshire
Yes.
Director Cummings
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Mr. Cannon
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As those loans are being paid up through the structure, remember that money to repay those loans goes
over to repay the City’s $7. something million dollar loan. So once they have finished taking the Tax
Credits over the 7 year period of time, they don’t own very much at all. They own just a few rights in the
investment fund, nothing to do really with the real estate, just with respect to that debt that is largely being
repaid back to the City. Does that answer your questions?
Alderwoman Lu
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Celia Leonard, Deputy Corporation Counsel
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The acquisition in financing is done through a complex set of documents that are designed to meet New
Market Tax Credit requirements, investor requirements and to achieve the ability of tax counsel, myself
included and Mascoma’s National Counsel included to give a tax opinion to Mascoma that the transaction
qualifies for the New Market Tax Credit. So that’s Phase One, that’s the acquisition and financing Phase.
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Director Cummings
Thank you. So now I’d like to pivot and ask John Kaminski who is our New Market Tax Credit Counsel to
start the legal overview. And | am now sharing my screen, hopefully everyone can see it. | am going to
pull up a similar type diagram that was just shown but it’s going to have a little nuance to it to make sure we
are very clear on the legal aspects of this transaction. John?
John Kaminski, Attorney
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