Board Of Aldermen

Special Bd. of Aldermen — 12/20/2018 Page 17

Alderwoman Melizzi-Golja

Special Bd. of Aldermen — 12/20/2018 Page 16
and | am reading the legislation and | am appreciating the wording more here because it is saying that — will let
the bond at such time the Mayor has determined the private funds, including the New Market Tax Credits total
at least $4 million dollars.

So | am interpreting that as saying after we pay the fees we get that $1.52 or whatever it is, and that goes
towards buying down the bond or not. Ok so is that going into this endowment because it is private money.

Special Bd. of Aldermen — 12/20/2018 Page 15
| don’t Know actually, | would have to run the calculations on that. | learned my mistake last time around. An

idea was floated and it sounded reasonable at the time, | would have to go back and look and do my due
diligence and tell you whether that could actually be done or not. | don’t know.

Attorney Bolton

| don’t think advertising that we are just trying to raise money to make the bond payments is the way to raise
money.

President Wilshire

Special Bd. of Aldermen — 12/20/2018 Page 14
Alderman Jette

And one last question if | could, where does the possibility of getting tax credits from Community Development
Finance Authority work into this?

Mr. Cummings

It doesn’t to be very clear. This is a whole separate process, this is a New Market Tax Credit Program. What
you are referencing right now is a State level, CDFA tax credit program and it is completely separate initiative
and strategy that will be undertaken above and beyond this.

Alderman Jette

Special Bd. of Aldermen — 12/20/2018 Page 13
Alderman Jette

Ok thank you. To the right of the Investment Fund, there’s another number there in that top box.

Mr. Cannon Yes that is $6.132750 which is .39% of the $18.5 and the $18.5 is the qualified equity investment
which you see right there, that’s 18.5. So 39% of that is that number, I’m sorry, that number the $7.2 that is the
amount of credits. And 85% of this is the $6.1 which is the cash equity injected into the fund.

Alderman Jette

Special Bd. of Aldermen — 12/20/2018 Page 12

Alderman Lopez

Yes, thanks.

Alderwoman Kelly

My next question is for Mr. Cannon, | wanted to know about the competitiveness, | know that other places are
competing and have you ever seen someone not take a project?

Special Bd. of Aldermen — 12/20/2018 Page 11
President Wilshire

Alderman Lopez throughout the process | have asked Director Cummings to come before this Board and
update us regularly on where they are in the process. So he and | have yet to work out the details of how that
might look, but | expect it might be maybe the 1°' meeting of every month or maybe the 2™ meeting of every
month that he can meet with us, maybe at 7:00 prior to a full board meeting and update us. Does that help?

Alderman Lopez

Special Bd. of Aldermen — 12/20/2018 Page 10

something that we have to be mindful of, because with multiple steps and multiple resolutions that need to be
passed, it is going to be very important that we, who answer to the people, are able to articulate why we are
doing certain things, we are able to answer questions or address it. So we need the tools to do that, which
means we also need to be very transparent and very cooperative at this point, moving forward.

Special Bd. of Aldermen — 12/20/2018 Page 9

Mr. Cummings

So to answer that question, the answer is yes we are very much looking to sell those naming rights and
wherever we can sell those naming right, whatever entity, we are looking at regional actors, we are looking at
actors in Boston, major corporations that might have a presence here but have a headquarters in Boston in
particular. We have been in active conversations with them.

President Wilshire

All set Alderman Dowd.
Alderman Dowd

Yes all set.

Alderman Klee

Special Bd. of Aldermen — 12/20/2018 Page 8
Alderman Dowd

Don’t worry it’s not going to be a hard question.

President Wilshire

He’s up for it.

Alderman Dowd

So my question is with what is happening with the Fed right now are bond interest rates going up and could we
sell the bond ahead and keep that money aside or do we have to sell them when this starts?

David Fredette, Treasurer Tax Collector