Special Board of Aldermen 11-24-2020 Page 18
Director Cummings
Madam President, | see Celia Leonard wants to speak and then | also just want to clarify, | think you want
to have two Aldermanic Members, | think it’s a 9 person Board, | would recommend it be 11. But with that
being said, | think Deputy Corporation Counsel has something to say.
President Wilshire
Attorney Leonard?
Attorney Leonard
Special Board of Aldermen 11-24-2020 Page 17
Alderman Clemons
Yeah, is that a voting member on the Hunt Trustee or is just a Liaison do we know?
President Wilshire
| believe it is a non-voting member?
Director Cummings
No full voting.
President Wilshire
Oh full voting member.
Alderman Clemons
If | could if this Legislation doesn’t have that, | would recommend that we add that a voting member
appointed by the President of the Board. So | am going to make that motion tentative to amend.
Special Board of Aldermen 11-24-2020 Page 16
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
Special Board of Aldermen 11-24-2020 Page 15
President Wilshire
Yes.
Director Cummings
Special Board of Aldermen 11-24-2020 Page 14
Mr. Cannon
Special Board of Aldermen 11-24-2020 Page 13
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
Special Board of Aldermen 11-24-2020 Page 12
Special Board of Aldermen 11-24-2020 Page 11
Special Board of Aldermen 11-24-2020 Page 10
Celia Leonard, Deputy Corporation Counsel
Special Board of Aldermen 11-24-2020 Page 9
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.
