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Special Bd. of Aldermen — 10/26/15 Page 8
ADJOURNMENT
MOTION BY ALDERMAN WILSHIRE TO ADJOURN
MOTION CARRIED
The meeting was declared adjourned at 7:04 p.m.
Attest: Patricia D. Piecuch, City Clerk
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
Special Bd. of Aldermen — 10/26/15 Page 6
| think it is important to know that, and for the public to Know, that was heard and that is what is being put out
there. It will be privately operated with accountability to a Board. The City will not be involved in the day-to-
day operation or programming or set designs and lighting and all those technical aspects that we don’t have
expertise in.
Mr. Cummings
Special Bd. of Aldermen — 10/26/15 Page 5
type process, we would have only have put out architecture and engineering type of RFQ. That was not the
intent and then even in the memo that is before you relative to the New Market Tax Credit, there is a reference
to gross maximum price type contracting for a New Market Tax Credit. That is the exact type of contract that is
going to need to be entered into. These are not new concepts, these are just the way the construction industry
works and we were planning on following that type of process.
Special Bd. of Aldermen — 10/26/15 Page 4
The next thing is that | wanted to make sure that we are talking about something that is essentially in its nature
a startup. And a startup in its nature will need to change and adapt and evolve and change isn’t necessarily
bad and it is in fact ok so long as we don’t lose sight of our goals. So some of the details will evolve and they
have evolved from when we first started, and just as long as we stay true to the goals that we have outlined at
the beginning we will be able to be successful with this project.
Special Bd. of Aldermen — 10/26/15 Page 3
Relative to the $4 million dollars, City staff and the New Market Tax Credit consultant have begun the process
to apply for and secure an allocation of a New Market Tax Credit, the expectation is that a letter of commitment
in the second quarter of 2019 would be forthcoming and cash would be available by the end of 2019. There is
a Memo in your packet that outlines this in greater detail.
Special Bd. of Aldermen — 10/26/15 Page 2
session with the Steering Committee to discuss how best to develop an operational business model. We also
engaged a new market tax credit consultant to help us assess and develop a plan for securing new market tax
credit.
