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» Mike Hemeon is the Project Manager. Mike has overall responsibility for P-Channel
management and operations and has a direct reporting function to the G-Channel and E-
Channel managers to ensure daily operation and scheduling is coordinated and works
smoothly. Mike will report to CTAB on technical operations when needed, in particular to
support any request for changes and improvements.

> Bob Bartis, Esq., the Engagement Manager, is the primary interface to CTAB for purpose of
presenting the P-Channel financial and activity reports during CTAB’s monthly meetings,
and reporting on any action items that may arise from CTAB meetings concerning P-
channel management and operations. Legal and accounting services will report to Bob.

> George Russell, the Technical Service Manager, is responsible for resolving technical
problems and implementing innovative initiatives. George is the technical interface with
Comcast.

Art Colvin and Jasmine Torres Allen are the Program Editors, responsible for reviewing and
editing program content using the studio’s editing stations, and assisting Nashua residents
who contribute video content for broadcast with editing their products.

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Carolyn Choate and Gordon Jackson are the P-Channel trainers who will assure all staff are
proficient with all equipment and operations.

> Oscar Villacis will be responsible for ensuring the audience, hosts and contributing
producers serve Nashua’s growing diverse population. His backup is Jasmine Torres; both
speak fluent Spanish and English.

> Dan Alpert, Esq. will provide legal services concerning FCC regulatory issues and advice
for meeting community standards for operating a public access channel. We consider this of
particular concern in today’s cultural environment.

> The CPA firm Brayman, Houle, Keating & Albright (BHK&A) will provide accounting and
financial auditing services.

This organization chart applies to the first year of the contract. We may propose reassignment or
changes to the staff for the second and third year of the contract depending on experience with
the first year and preferences of our staff. For example, Mike Hemcon will be utilized as a
Project Manager and Trainer/Consultant extensively during the first six months. Thereafter,
George Russell will take over as Project Manager in addition to his duties as Technical Services
Manager. Carolyn Choate and Gordon Jackson shall also be utilized in the first year for training
and consulting. We expect that their services will be minimally required, if at all, in subsequent
years. We further expect that as Art and Jasmine become proficient in their craft that a new entry
level position may be needed to address the amount of increased programming.

Bob Bartis and George Russell are members of BRBTV, LLC. All other staff are independent
contractors under agreement with BRBTV. Legal and accounting services work under a retainer
fee agreement with BRBTV.

Phase 1: Data Collection

The first phase, Data Collection, began the last week of
February 2020.

During this phase data collectors also known as “Listers” go

to each property and physically inspect and verify the
measurements of the exterior of each building.

Digital imaging of each property is also taking place as part
of this project.

Nashua has approx. 28,926 properties and the data
collection phase of this project is time consuming, it will
take about two years to complete.

Phase 2: Market Analysis

A variety of resources are used to analyze the real estate
market. While the physical data is being collected by Vision
Listers, Appraisal Personnel will be analyzing property sales
taking place over the previous year to determine which
market factors influenced property values.

Once all the data is collected and reviewed for accuracy,
appraisers will determine land values and set
Neighborhoods, which set the valuation levels of locations
throughout the City as determined by actual market
activity.

Phase 2: Valuation

Valuations are done using three recognized appraisal
methods: the Cost Approach, the Income Approach and the
Sales Comparison Approach. During this phase, individual
characteristics of the building are analyzed using
information gathered in both phases 1 and 2. Each property
is Compared to other comparable properties with similar
characteristics. Then the contributory market value of the
improvements is added to the previously determined land
values. This value is the final estimate for each parcel of
property, building and land.

Phase 4: Field Review

Field Review is the method of checking and re-checking
both the values that have been determined and the data
that has been collected. During this review, properties are
viewed in the field by experienced appraisers who
double-check uniformity, equity and accuracy of
information.

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Phase 5: Informal and Formal Hearings

Once the data collection, market analysis, valuation and field review phases
of this revaluation are completed and approved by the Assessor's Office,
mid to late July 2022, property owners will receive a notice of their new
assessment. At this time, anyone with questions concerning the revaluation
process or about the data collected on their property will have an
Opportunity to meet with a member of Vision's staff to discuss their
questions and concerns. This informal hearing is the first step in the appeal
process if the property owner feels their assessment is inaccurate. The
informal hearings will take place in late July, and during August 2022. A
follow-up notice will be mailed to owners who participate in an informal
hearing, or properties that have been changed based upon additional
information supplied to Vision and the Assessor's during the hearing
process.

REPORT OF REAL ESTATE MARKET TRENDS
AS WE APPROACH THE 2022 CITY-WIDE REVALUATION

We are still one year away from finalizing property values for the 2022 city-wide revaluation. Citizens, taxpayers,
and municipal officials are understandably curious and concerned with the final results of the revaluation. All
concerned parties are attempting to plan for budget provisions. Vision Government Solutions (Vision), the
contracted firm conducting the revaluation project, is still in the data collection phase of the project. Vision will not
enter the statistical analyses phase for valuation for several more months.

The valuation date for the revaluation is April 1, 2022. It is important to analyze the valid, arm’s length property
sales that occur up to April 1, 2022, so that the most recent sales data is utilized in any sales analysis. The real
estate market, especially the residential market, has been very hot for the past year, with considerable increases in
market values being realized. However, we cannot accurately predict what the real estate market will experience
between today and April 1, 2022. Additionally, different classes of property (single-family residential, commercial
office buildings, retail properties, etc.) can experience different trends, based on demand. One class of property
can be experiencing very high demand, while another class has very little demand. As a result, property value
trends can be entirely different between property classes.

For these reasons, it is very difficult (and unwise) to attempt to predict what the real estate market will be next
April. An incorrect prediction can wreak havoc on budget planning. However, we can analyze current market
trends, and this report attempts to provide some explanation and verification of current market trends, overall and
by class.

Pursuant to state law and the state constitution, each municipality must complete a general revaluation of all
properties at least once every five years. Once the values are established, the municipality must hold those
assessed values until the next revaluation. During the five year period between revaluations, the real estate
market can experience different trends, which can affect market value. Strong demand for real estate can increase
property values, while weak demand can lower property values. An assessment/sale ratio study compares the
assessed values established during the last revaluation to current market values. Example — a property with a
market value of $140,000 in 2018 is assessed at $140,000 during the 2018 general revaluation. But strong demand
for real estate after 2018 creates upward pressure on the value of properties, so in 2021 the market value of that
property is now at $200,000, as determined by a 2021 sale of that same property. The assessment/ratio for that
property would be 70% ($140,000 assessment / $200,000 sale price).

| have performed two sales/assessment ratio studies for recent sales, in order to estimate a current ratio. These
studies compare the current assessed values (established during the 2018 city-wide revaluation) to current market
values; One study involves all sales from April 1, 2021 to July 7, 2021. The other study involves all sales from
October 1, 2020 to July 7, 2021. | did not include older sales, since doing so would skew the results. The two
reports show a clear reduction in the ratios from the October 1, 2020 study and the April 1, 2021 study. A
reduction in the ratio tells us that property values are increasing. The assessed value is an estimate of market value
for each property as of April 1, 2018, the last city-wide revaluation date. The assessed value of recently sold
properties is compared to the sale prices of those properties, giving us a comparison of assessed value to current
market value. Listed below is a summary of my findings. NOTE - MANY OF THE SALES IN THE OCTOBER 1, 2020
REPORT HAVE NOT YET BEEN VERIFIED BY THE ASSESSING DEPARTMENT, AND NONE OF THE SALES IN THE APRIL
1, 2021 REPORT HAVE BEEN VERIFIED. IT iS POSSIBLE THAT SOME OF THE SALES ARE NOT VALID SALES.
HOWEVER, | DID NOT INCLUDE SALES THAT WERE KNOWN INVALID SALES (FAMILY TRANSFERS, FORECLOSURES,
ETC.)

The two study groups (October 1, 2020 and April 1, 2021) are broken down into several sub-groups. The first
report will be a ratio study of ALL sales. The groups are then broken down by Land Use Code (LUC) and by Class (All
Res Sales and All Commercial/Industrial Sales, etc). The Class/LUC breakdowns are identical in each report, so that
there is a clean comparison between the October 1, 2020 and the April 1, 2020 study groups.

SUMMARY

CATEGORY October 1, 2020 APRIL 1, 2021 CHANGE
ALL SALES MEAN RATIO 77% 12% -5%
MEDIAN RATIO 74% 69% -5%
ALL COMM/IND SALES MEAN RATIO 93% 90% - 3%
MEDIAN RATIO 82% 76% -6%
OFFICE BLDG SALES MEAN RATIO 1.18% 1.18% 0%
MEDIAN RATIO 1.18% 1.18% 0%
ALL RES SALES MEAN RATIO 76% 71% -5%
MEDIAN RATIO 74% 69% -5%
CONDO MEAN RATIO 77% 69% -8%
MEDIAN RATIO 77% 68% -9%
CONDO NL MEAN RATIO 76% 72% - 4%
MEDIAN RATIO 75% 70% - 5%
MANUF HOUSING MEAN RATIO 70% 59% -11%
MEDIAN RATIO 58% 57% -1%
SINGLE FAM MEAN RATIO 76% 71% -5%
MEDIAN RATIO 74% 69% -5%
2-FAMILY MEAN RATIO 76% 70% -6%
MEDIAN RATIO 71% 67% -4%

The above data shows that the ratios decreased approximately 5% for most of the residential categories and the
overall ratio. The Office Building category saw no change, but that is because the same five sales were used in the
two studies. The mean ratio for Commercial/Industrial sales declined by only 3%. These statistics tell us that
property values are increasing. Overall, property values increased approximately 5% between October 1, 2020 and
April 1, 2021. With a Mean Ratio of 72% and a Median Ratio of 69%, this means that current assessed values are
approximately 70% of market value. A property worth $200,000 on the market would have an assessed value of
approximately $140,000, on average ($200,000 market value x .70 = $140,000 assessed value).

It is very difficult to determine a trend for commercial/industrial properties for two reasons; 1 — different classes of
commercial and industrial properties can vary tremendously in demand. For example, Retail space and Office

space may be less desirable at this time due to weakened demand. 2 — The COVID pandemic may have had an
effect on demand and/or lease rates as certain segments of the commercial/industrial market were more affected
than others.

The studies clearly show increasing residential property values. The residential value increases appear to be at
least slightly more than commercial property value increases. This is not surprising. However, predicting future
trends and where the ratios will be for April 1, 2022 (the valuation date for the city-wide revaluation) is difficult. |
see nothing at this time to indicate that residential property values will cease their recent increases, and | do
anticipate the sale/assessment ratios to continue to decline, but much can happen between now and April 1, 2022.

It is too early to determine values (or even value trends) for 2022, the City’s revaluation year. Market conditions
can change considerably between now and April 1, 2022. Overall market values (and class-specific market values)
can change, depending on demand.

Based on the above data, if the revaluation took place in 2021, | would expect most residential properties to
increase approximately 42%, manufactured housing to increase approximately 67%, and commercial/industrial
properties to increase 10% to 25%. (Properties at 70% of market value would need to increase 42% to reach 100%
of market value — 100/70 = 1.428; Properties at 60% ratio - 100/60 = 1.67, etc.) Based on this estimate, | would
predict the total values for each category to increase as shown below:

Property Class 2021 Total Values Estimated % Increase Estimated Total Value
Residential $6,743,333,241 x 1.42% $9,575,533,202
Manufactured Housing $59,296,800 x 1.67% $99,025,656
SubTotal $6,802,630,041 $9,674,558,858
Commercia!/Industrial $3,304,154,671 Say x 1.15% $3,799,777,872

Total Value (All Classes) $10,106,784,711 $13,474,336,730

Res % Of Total Value 67% 72%

Comm/Ind % Of Total Value 33% 28%

NOTE: The above values do not include Utility (Electric, telephone, Hydro, etc) values. Utility values are not
typically subject to large market fluctuations, like residential and commercial/industrial values. It is assumed that
Utility values would see little change in the current total value of $394,793,600.

The above data shows that the percentage of total value would shift from 67/33 (Residential to
Commercial/Industrial) to 72/28. If the city-wide revaluation were conducted in 2021, it is estimated that there

would be an approximate 5% shift (67% to 72%) in the total tax burden from Commercial/tndustrial to Residential.

While the above numbers may be a fair representation of value trends for 2021, the reader is cautioned not to
apply the numbers to 2022, since the real estate market can change considerably by April 1, 2022.

Richard Vincent, CNHA
Chief Assessor

Dated: September 3, 2021

SPECIAL BOARD OF ALDERMEN

NOVEMBER 13, 2021
9:00 A.m. City Hall Auditorium and via Zoom

Join Zoom Meeting: https://usO2web.zoom.us/j/82965928462?pwd=dVNCRIFWNUpGN1pvck5uTOSURHRrU…
Meeting ID: 829 6592 8462 Passcode: 278373

Join by telephone: 1-929-205-6099
Meeting ID: 829 6592 8462 Passcode: 278373

lf for some reason you cannot connect to Zoom, please contact us at (603) 589-3329 and they will
help you with connectivity. The public may also view the meeting via Channel 16.

PRESIDENT LORI WILSHIRE CALLS ASSEMBLY TO ORDER
PRAYER OFFERED BY CITY CLERK SUSAN LOVERING
PLEDGE TO THE FLAG LED BY ALDERMAN-AT-LARGE BEN CLEMONS

ROLL CALL
COMMUNICATIONS

From: Susan K. Lovering, City Clerk
Re: Canvas of Returns on November 2, 2021 Municipal General Election Request for Recount of Votes
Cast for Ward 1 Alderman Race

DISCUSSION

e Canvas of Returns on November 2, 2021 Municipal General Election Request for Recount of Votes
Cast for Ward 1 Alderman Race

ADJOURNMENT