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_ �P'ty�3 4-4's"3 � : -,. � .�;„�,� �:"'�"�s.y�a�.� �' `"}`e`„�. `�� '�5 i �,Y r . r^- A.� a y,;,7-7;17:7,„.r ;�^c-� a <br /> • �� s r a ?cf x � 5�z'F)P "`11 L ,E t v.�' ` 7�"�`• si �j�b,{ sxi ge�9ai�7"t .�p�"�+�N. C a �J'�7 cy�'1" a- + <br /> 3 4[x - la t.� r bE� aN `�F ^ 7i,VO AtROV#4, 04 4 909 i�� 6 dkjt ae *i �'�� <br /> ' PROJECT TITLE: 3 <br /> Resolution Concerning New Consent COUNCIL BILL# <br /> ✓Iarket Tax Credits Originating Department Public Services <br /> X Action Finance <br /> Contact Person Tim Benedict <br /> First Reading Dave Davis <br /> Second Reading Phone Number 8669/8913 <br /> FOR AGENDA OF February 24, <br /> Third Reading 2009 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Resolution Concerning Finance,Legal,Planning, <br /> New Market Tax Credits Public Services <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s):N/A <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The federal New Market Tax Credits ("NMTC") program uses tax credits to foster development in low- <br /> income areas as defined by census tracts. In order to apply for an allocation of tax credits, the City must form <br /> a"community development entity" (called a"CDE"),have the CDE certified by the federal government, and <br /> then apply for an NMTC allocation. This tax credit application is due by April 8, 2009, and the allocation <br /> process is competitive. The City CDE's 2009 NMTC application will request a tax credit allocation of at <br /> least $100 million. Allocation awards will be announced in October 2009 <br /> The structure of the CDE will be a limited liability company, which will be wholly owned and controlled by <br /> the City. The CDE will also have an advisory board appointed by the City Council. The advisory board will <br /> serve solely in an advisory capacity to the City Council. <br /> The Riverfront project is located in an NMTC low-income census tract, and the intention is that the bulk of <br /> any NMTC allocation awarded in 2009 would be used in the Riverfront project area. However, the CDE will <br /> remain in existence after 2009, so that the City could use the CDE to apply for tax credits in future years for <br /> other projects. <br /> The resolution authorizes the Mayor to execute all documents and take all actions necessary to form the <br /> CDE, have the CDE certified, submit the 2009 NMTC application, and complete the 2009 NMTC <br /> application process. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Adopt Resolution Concerning New Market Tax Credits <br /> 17 <br />