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The Old Town Hall Redevelopment Agency is a single purposed development,
dedicated exclusively to the building’s financing, redevelopment and long term
operation. In particular, a series of limited liability corporations (LLCs),
controlled by the city authority are needed to secure the complex federal tax
credits. Three LLCs will be controlled by the redevelopment agency, including an
Investment LLC (to pool the state and local funds to leverage credits); a
community development entity (CDE, a federal structure to attract the tax credit
equities); and a Project LLC (to manage the actual construction and undertake
the long term operation). The Old Town Hall Redevelopment Agency is created via
State Statutes (CGS 130) establishing the ability to undertake a long term
redevelopment project. A requirement of the city is that the development entity
must be a city controlled entity, acting as a general partner in any complex LLC
format necessary to attract funds. The board of directors therefore reflects the
city’s critical administrative, fiscal and legislative bodies as well as
representation from the URC (since this is a CGS 130 project and within an urban
renewal area) and the DSSD as well as community at large representation. The Old
Town Hall Redevelopment Agency is made up of members of the BOR, Planning and
Zoning Commissions, city staff, DSSD, State Legislative leaders and others. The
entity must also manage the building once operational, lease it, perform in
accordance with federal IRS rulings for reporting and can dissolve itself upon
the 7 year anniversary of its creation. The entity may continue on beyond 7
years as determined appropriate or necessary by its board.
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