Special Bd. of Aldermen — 10/26/15 Page 7
President McCarthy
That is an anticipated $6.5 million dollars’ worth of credit funding, not including the endowments, correct?
Mr. Cummings
Correct. So | want to be clear on this point, so the credit will be potentially just under $6.5 after you take fees
away, you are probably somewhere around $4.2 in that range and then that is the cash that is available for the
New Market Tax Credit. Then the $2.5 would be a combination of CDFA tax credits and/or private
contributions either from individuals, businesses, or foundations. As a total it would be $6.5.
Alderman Klee
Thank you. | just wanted to thank everybody that has been on the committee and | can tell you that | have
given them a hard time as to when are we going to start doing the funding, when are we going to do this and or
that, because | get the phone calls. | learned very quickly how the process has to go and it was difficult to get
through my brain that we don’t just go out and put our hands out and ask for money. There has to be an entire
process. And | really want to commend Director Cummings for his steadfast hard work on it and the rest of the
Committee members, so thank you.
Alderman Tencza
Thank you Mr. President and thank you Director Cummings for being here. If | could each one thing | think he
said which everyone in the City should pay attention to is that we should all be positive about this. And | think
that giving folks more information about the project on an on-going basis helps people to be more positive. So
thank you Director Cummings for being here tonight and giving us this presentation.
If | could just ask, | think the tax credits is a big part of this and probably if we could schedule another one of
these sessions in the near future so that the Board as well as the community can understand how that is going
to work and how that is going to affect the financing for this project, | would suggest that is another good idea
to keep people informed and positive.
Alderwoman Melizzi-Golja
Yes and to that point Director Cummings, | don’t know if it possible, but when the consultant comes to speak to
the Steering Committee, is it possible to do that, where it could be joint Steering Committee/BOA or do a follow
up presentation to the BOA.
President McCarthy
| think we can do it either way. The consultant is reasonably local as | recall. So it is not hard to schedule
meetings.
Alderwoman Melizzi-Golja
| just think it might be helpful for people to hear the same thing at the same time and for the community to hear
that also. Sometimes you do a presentation a second time and leave out some of the details that help people
better understand.
President McCarthy
We will work on that. Any other business?
