Special Board of Aldermen 09-28-2020 Page 11
Alderwoman Lu
Yes, please. | also mentioned in my communications with you, you know, | wish for these situations we
could know what questions everyone had asked. So you mentioned there were a lot of questions but | kind
of wish there had been a public forum to know the questions that you were asked personally. But | am also
concerned about the TIF District because this whole concept came up very late in the process. | had not
heard of the TIF District plan until recently and | have some questions about how that works going into like
for 30 years after this is established. But that’s all.
Chairman Dowd
Alright. Any other questions from any of the Aldermen? Director Cummings.
Director Cummings
Yeah if | may Mr. Chair, | just want to make sure it’s understood. | don’t have the date in front of me but |
am going to suggest it was in the last week in August. | know Alderwoman Klee, Alderwoman Schmidt was
on it for a few minutes but | held a New Market Tax Credit Forum actually so members of the Board of
Aldermen and the public and anyone else who was interested in this had the opportunity to actually ask
questions at that time. So | tried as best | could to create the types of environments to get everyone’s
questions answered in a public forum as well as | am always available for questions with one-on-one types
of conversations.
Chairman Dowd
Alright thank you, | saw Alderman Tencza, then Alderman Lopez, then Alderman Jette. Alderman Tencza?
Alderman Tencza
Thank you, Mr. Cummings and maybe Mr. Fredette as well. The note that we got for the TIF Legislation
says that the average annually for this bond is going to be about or little over $426,000.00 for that, but it is
undeterminable whether the TIF would be able to cover that, those payments for the first two years. Am |
correct in assuming that then it is the General Fund that has to pay the $426,000.00 or how does that
work?
Director Cummings
If | may, Mr. Chair.
Chairman Dowd
Director Cummings, do you want to answer that or Treasurer Fredette?
Director Cummings
Yes, if | may because it goes and it is upon the Finance Team’s recommendation. What we would be
looking to do is part of the School Street Development Project calls for the City to get an amount of money
of about $900,000.00. We would take that an appropriate it to the bond for the first couple of years to
make sure that we were covering the costs until the value is fully realized on the project.
Chairman Dowd
Does that answer your questions Alderman Tencza? Do you have a follow up?
