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Building commission approves $577,602 transfer of Charles Washington Hall historic tax-credit funds to city
Summary
The building commission approved moving $577,602 in remaining federal historic tax-credit proceeds from a landlord account into the city's capital fund and reviewed related banking changes and interest handling during a brief meeting; the Chair read the motion and members approved it by voice vote.
The building commission voted to transfer $577,602 in remaining federal historic tax-credit proceeds from the Charles Washington Hall landlord account into the city's capital fund, the Chair said during a short meeting.
An accounting representative explained that the Charles Washington Hall project produced both state and federal historic tax credits. "We received 2 kinds of credits. We received federal credits and state credits," the Accountant said, adding that state credits had been deposited to the building commission and spent while federal credits remained in the landlord account and had been used to pay the project's consultant, Mr. Wishniff, and to buy out a partner in the Landlord LLC.
The Accountant described how the remaining federal-credit balance had been left in the landlord account for years and that the council had requested liquidation of those funds. The Chair read the motion as a transfer from the building commission to the city in the amount of $577,602, to satisfy an existing development services agreement and to be moved into the city's capital fund at the mayor's request.
The meeting record identifies Sarah as the mover and Mary Ellen as the seconder of the transfer motion. The Chair called for a voice vote; members responded "aye," and the motion was recorded as carried.
Officials also reviewed recent changes to the city's banking arrangement. The Accountant said the city now receives two bank statements because funds are swept into an ICS account to increase deposit insurance coverage. "We changed our banking a little bit. We're using a different method of insuring our funds," the Accountant said, and advised reviewers to consult the regular statement for activity and the ICS statement for balances and interest.
On the disposition of small interest balances, the Accountant said interest on the accounts is minimal now and would remain until it accumulates to a point that would prompt further action. The commission also approved prior meeting minutes from May 15 and August 6 earlier in the session.
The meeting concluded after roughly 15 minutes with a motion to adjourn.
