Title
Memorialize transfer of $80k to the Public Facilities Cooperative District for a New Market Tax Credit Transaction
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Chase and Pacesetter are requiring $40k each to be wired to them as part of the NMTC transaction. These funds are part of the $265k closing fees included Novogradics model.
SOURCE OF FUNDING:
Please provide the amount requested: $40,000
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, Pursuant to the executed Term Sheet dated March 10, 2014 regarding the CAFFM project, the Closing must occur no later than May 15, 2014, and
WHEREAS, unfortuantely the closing will not take place on May 15, 2014 and both Chase Community Equity, LLC and Pacesetter CDE, Inc. are willing to extend the outside closing date to July 15, 2014 provided 1) the parties use best effort to close this transaction on or before June 26, 2014 and 2) The City of Foley Public Facilities Cooperative District provides $40,000 each to Chase and Pacesetter for a total of $80,000, no later than the close of business Wednesday, April 30, 2014, and
WHEREAS, the City of Foley will need to transfer funds to the Public Facilities Cooperative District to pay these wire transfers.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Appropriates $80,000 for the purpose of a NMTC transaction and approves the transfer from General Fund Account No. 01-680-0182 to the City of Foley Public Facilities Cooperative District transfer Account Number 41-5900.
SECTION 2: This Resolution shall become effective ...
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