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Chief Patron: Griffith
Item 3-2.03 #2h

Working Capital Funds and Lines of Credit
Lines of CreditLanguage

Language:
Page 614, after line 3, insert:
“f. The State Comptroller, in conjunction with the Director, Department of Historic Resources, is authorized to provide a line of credit in the amount of $18,000,000 to Center in the Square, located in Roanoke, for use in the historic rehabilitation of the historic warehouse in which the Center in the Square and its beneficiary organizations are located. This line of credit shall be extended for the rehabilitation of the facility only to the extent that the Center in the Square has received commitments for the transfer of federal, state, and New Market tax credits and any credit extended to Center in the Square shall be repaid with interest.”

Explanation:
(This amendment extends a line of credit to the Center in the Square, located in Roanoke. Center in the Square is a complex of cultural organizations housed in a historic 1914 feed and seed warehouse. Center in the Square is in the process of a historic rehabilitation of this warehouse, which is eligible for federal, state, and New Market tax credits. The language specifies that the line of credit will only be extended to the Center in the Square to the extent the center has received commitments from outside investors for its tax credits. Any extension of the line of credit must be repaid with interest.)

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