Ogden City Council Work Session - March 25, 2025

The Ogden City Council held a work session on March 25, 2025, primarily focused on discussing the financing structure for the rebuild of the Marshall White Community Center using New Markets Tax Credits (NMTC). The council received a detailed presentation from Cody Rogers, an attorney from Stinson, explaining the NMTC program, the involvement of the Community Development Finance Alliance (CDFA) as the local Community Development Entity (CDE), and the creation of a special purpose entity (SPE) to facilitate the financing. The council discussed the $10 million allocation of tax credit investment authority, the $3.9 million in tax credits claimed by US Bank as the investor, and the leveraging of $6.8 million in city funds through a low-interest loan structure. The transaction is designed to provide over $2 million in net benefit to the city without additional out-of-pocket costs. The council also addressed governance and compliance requirements for the SPE, risk mitigation strategies, and the timeline for closing the financing. Additionally, the council briefly discussed naming rights and fundraising opportunities related to the Marshall White Center, including potential donor recognition and public input processes. Several motions and actions related to lease approvals and budget amendments were planned for the following week to finalize the financing arrangement.