Search

Finance Committee - 4/17/2019 Page 2

That’s a real quick summary of the Governance Letter. It is a little bit more in detail; it tells you about some key
estimates that are incorporated into your financial statements. But in essence, auditing standards require us to
tell you if we found any significant audit entries that needed to be posted; if there were any disagreements in
how to apply accounting principles into your financial statements; and if there were any key estimates in there.
And the first two, again, just to summarize, we did not need to propose any significant audit entries; there were
no disagreements in how to apply Generally Accepted Accounting Principles. There are a few estimates in
there; most of your estimates though are actuarially determined so there is a standards and science behind the
consultants that you employed to help you estimate two account balances. It will talk very briefly about, in your
CAFR, which is your net pension liability and your net OPEB liability.

With that said, if | could turn your attention into the Comprehensive Annual Financial Report, when | mentioned
it just a moment ago, our auditors’ opinion, if you have the document, is starts on Page 15 and it goes 15
through 17. Everything else in this document belongs to the City of Nashua and again just to summarize our
opinion, your financial statements are totally in accordance with Generally Accepted Accounting Principles.
Following that is your management’s discussion and analysis. It is a great resource to go back to at a later
point in time to understand why key account balances may have changed. If you have the document or if you
choose to at least make a note, the one thing in MBNA that | would want to point out is on Page 26 in the
middle part of Page 26, it is headed up as the General Fund. I’m not going to read about, you might want to
reference that, because when we get to your General Fund Balance Sheet, many of the things that I’ll talk
about on that General Fund Balance Sheet are summarized very nicely here on Page 26, that middle
paragraph on Page 26.

With that being said, if | could turn your attention over to Page 31, just a couple minutes of discussion on Page
31. This is what we would refer to as your Long-Term Perspective Balance Sheet. In just a moment we will
turn a few pages and look at your General Fund Balance Sheet which is really where most readers will turn to
look at fund balance on the different components of fund balance. But many years ago, the Accounting
Standards put into play a duel perspective financial model here and so you have both your General Fund Basis
and you have Page 31 which is a more of a long-term basis balance sheet. Very quickly, the key numbers on
this page in that first column of numbers, about 2/3 of the way down the page, you have your net pension
liability and your net OPEB liability. First on the net pension liability there are two components of it, you are a
participant in the New Hampshire Retirement System and you also have locally the Board of Public Works
System.

With respect to your proportional share of the New Hampshire Retirement System Liability, you see that
number about $244,000,000.00 million dollars and that’s measured as of June 30, 2017. That’s actually down
from the year before by about $25,000,000.00 million dollars mostly due to improve investment results through
the point and time of June 30, 2017. The other liability that | mentioned is just above that number, it is called
your Net & Total OPEB Liability and that has an account balance of about $67,000,000.00 million dollars.
There is something new in that number this year; a year ago that number was $27,000,000.00 million dollars
but the accounting standards changed. |’ll certainly try to answer any questions that the Committee may have
on the changes, but it is not as if the liability from one year jumped from $27,000,000.00 million to
$67,000,000.00 million. That major jump | think | recall speaking about it with you a year ago, was because a
new accounting standard was put into play for Fiscal Year 18. And maybe just quickly to summarize, that
OPEB or OPEB it is an acronym for Other Post-Employment Benefits and the “other’ means benefits other
than pension and by and large what that means is the retiree health care benefit that retirees have earned.

That’s a real quick summary of those two long-term liabilities. Just to put them in perspective, they certainly
are large and significant. Rating agencies know about them; the accounting standard changes that have been
put into play over the last couple of years have in essence taken them from being — my words — buried on
Page 150 where not that many readers would get to Page 150; the accounting standards changed to put them
on the face of this balance sheet. But financial institutions and rating agencies have always known that for
Nashua and other communities in the State and throughout the Country that those liabilities have existed.

Also, with respect to the Pension Liabilities, they are on a funding schedule; | think it goes out about 18 years
and that liability is scheduled actuarially to be fully funded over that timeframe. So hopefully that provides just

Finance Committee - 4/17/2019 Page 3

a little bit of perspective on those two significant numbers. But again | think in today’s what we have found in
much of our Governmental work is that at least a quick discussion about those two liabilities when you walk
through a document of this size and magnitude is important.

If | could now ask you to turn your attention over to Page 34, this is a much more of a traditional looking
balance sheet, various funds and the focus from almost all readers is going to be on Page 34. It is that first
column of numbers of your General Fund which is of course your main operating fund. The focus for readers is
in that lower third section of that first column of numbers. Your fund balances, you have non-spendable,
restricted, committed, assigned, and unassigned; and collectively those add up to the total fund balance in your
General Fund of about $54.8 million dollars. That $54.8 million dollars is increased by about $4 million dollars
over the prior year. Essentially what that means is the inflows of current dollars exceeded the outflows of
current dollars by about $4 million dollars. We will the reasons why in just a minute when we look at your
budget versus actual comparative statement.

But it is important to look not only at total fund balance, but the various components. For most readers, the key
number is that third number up from the bottom or your unassigned fund balance with a June 20, 2018 balance
of $29 million or a little bit more than $29 million dollars, your $29.1 million dollars. That number is about
$800,000.00 greater than it was the prior year and it represents a little bit more than 10% of your General Fund
Expenditures. Those are key indicators; financial institutions and rating agencies like to see a little increase in
that unassigned fund balance each year and they like to look it as a percentage of the community’s General
Fund Expenditures. Having a balance in that account of a little bit more than 10% is generally viewed as very
strong or very favorable.

When | mentioned earlier that there was a page in your MDNA, it was Page 26, a lot of what | just spoke about
with respect to your unassigned fund balance, the change in it and the percentage, is summarized in that
paragraph on Page 26 of your CAFR. So | wanted to draw that to your attention because it is a good resource
to go back to a later point in time to just as a refresher as to why some of these account balances — or what
they represent and how they have changed. You certainly have some other components of fund balance; the
assigned fund balance, much of that is some year-end encumbrances as well as fund balance that is being
applied towards the next Fiscal Year’s Budget, the next Fiscal Year’s Tax Rate. That is the assigned fund
balance the committed fund balance, much of that is the CERF or the Capital Equipment Reserve Funds, is
much of that, not all, but is in that $13 million dollars. That component of fund balance, that committed fund
balance of a little bit more than $13 million dollars, that is up about $4 million dollars over the prior year. There
were a lot of dollars that were put into the Capital Equipment Reserve Fund at year end.

Just to summarize, total fund balance of $54 million; it’s up about $4 million dollars. The unassigned fund
balance again the first place that most readers will turn is up around $800,000.00 and represents a little bit
more than 11% of expenditures; which again is going to be considered very favorably or considered strong by
rating agencies. Now | mentioned that there was both an increase in total fund balance, the unassigned fund
balance and the committed. To look at the types of activities that occurred in your Fiscal Year 18 that would
have generated those surpluses to add to those accounts; if | could turn your attention over to Page 38 just for
a moment. Page 38 is your Budget and Actual Comparative Schedule, the first two columns are your budget
as the headings indicate — the original budget and the final budget. Then you have your actual amounts on a
budgetary basis and then the final column is your variances.

If you look first in the lower right hand corner, you see a number of $6.6 million dollars, in total | would look at
that as the favorable budgetary results of operation for Fiscal Year 2018. Almost all of that is coming on the
revenue side of the equation; and even further most of the $6.6 million dollars in favorable revenue results of
operations is a direct result of the auto permits that came in almost $4.6 or a little bit more than $4.6 million
dollars better than what was expected. That favorable number on the auto permits is consistent with prior
years and is consistent with a lot of communities at the State. So the results of the operation here are fairly
consistent with many, not all, but certainly many other communities.

Finance Committee - 4/17/2019 Page 4

That is a very, very quick walk-through of the Governance Letter, our audit process, some of the things that
audit standards require us to communicate to you. Again | wanted to touch base very quickly on the long-term
liabilities, the net pension liability and the OPEB liability than really focus on the General Fund because most
readers still do focus there. There’s a wealth of other information in this document on some of the other funds.
Note disclosures, there’s a wealth of note disclosures on the aforementioned pension and OPEB liabilities, on
your long-term debt there’s some amortization schedules in there that show how rapidly you pay out those
long-term liabilities; which you do pay them out fairly rapidly. Your governmental debt is a lot of times financial
institutions and rating agencies will look at how much of your overall debt load, the outstanding bonds
payables, what percentage of that gets paid off within the next 10 years. Nashua has what is considered for
your governmental debt, a very rapid payout of that debt. So again, note disclosures on all of those key
accounts, as well as some trend information in the back of the report and combining schedules.

With that, | will open it up to see if there are questions on the Comprehensive Annual Financial Report or on
the procedures we performed.

Mayor Donchess
Does Mr. Griffin have anything to add?

John Griffin, CFO

Thank you Mayor. | would just like to thank the members of the financial staff that prepare this document. |
think it is our 13" year that we have won the GFOA Award for Reporting Excellence; in large measure due to
the financial staff but also our colleagues in all the Divisions, the Division Directors and the Financial Managers
in those areas. So it is a real comprehensive financial report that is done, that is really a testament to the
City’s financial position. As you have seen over the years, we talked a little bit about the budget, the financial
services budget. Alderman Clemons was discussing the debt service, the payouts that Mr. McIntire said we do
pay off debt rapidly which is a sign of strength. We have two Triple A ratings because of the efforts of both the
presentations but also the communications that we have on ratings calls with Standard & Poors and Fitch.

So definitely a comprehensive effort; we are in good in position here and Mr. Mcintire did focus on the OPEB,
which is basically benefits as well as the pension liability. It is a very daunting number, but on the operating
side we were glad to see for the Fiscal 20 budget that the pension amount, the rates that we are charged didn’t
go up as dramatically as they did in the most recent past. So thank you for allowing me to make comments Mr.
Mayor and members of the Committee. Thank you.

Mayor Donchess

So questions or comments from Mr. McIntire or Mr. Griffin?
Alderman O’Brien

Thank you Mr. Mayor. In looking down legislative row here with some of my colleagues who serve up at the
House; some good things are coming up from the State. | guess we were fast-tracked on that State Pension
Plan and had to pay the $2 million dollars annually. But now | understand there is a Bill and if it gets through,
well let me just say with that increase of the $2 million dollars, you can call it what you want, but the State used
to pay 35% and they cut it down to basically nothing. You could call it a State Cutback, | like to call it a Tax
and Inadvertent Tax but it was that.

If the Governor leaves his fingers off of it, there is a Bill pending that is going to contribute at least 15% to get
the State, now that could even boast us even better. The second thing is, the fast-tracking | think Mr. Griffin,
aren’t we are at the zenith of that? Now itis going to start rolling back a little less if that Bill didn’t come with

the 15%, it is going to start dropping now, the implementation will start dropping a little bit from the $2 million.

Finance Committee - 4/17/2019 Page 5
Mr. Griffin

| could probably address the impact to the City itself and I'll do that first and then maybe turn it over to Mr.
Mcintire. But the employer rates were held constant this year for the most part. There was a little increase in
the teacher amounts. It is complicated, but there’s a 5 year average of returns and the year that was dropped
was a bad year; and the most recent year as Mr. Mcintire indicated was a good year. So the rates are
stabilizing, it is the liability that is still a large liability and is trying to get funded within a 30 year window.

But the impact to the City of a 15% State contribution to teachers, police and fire is about $3 million dollars that
when the Mayor had his meeting with you folks that are in the legislature, it’s a big number, it’s a $3 million
dollar number which coincidentally kind of matches the increase in the health cost. So it’s a very important
number for the City but maybe Mr. McIntire who follows more the larger level and then gets the apportionment
can speak to that. The two definitely go together.

Mr. McIntire Well | was going to turn back to the actual page the liability is on it, probably isn’t necessary.
Certainly any contribution that would come from an external party, external to the City of Nashua would almost
immediately begin to bring that liability down and over time | think it would even escalate the rapidness that
liability could come down.

Alderman Klee

Relative the debt and the rapid payout, when you say rapid pay out you are meaning that we are paying it off
earlier than expected so if we had a 15 year we might be paying it off in 11 or 12 years?

Mr. McIntire Great question that’s not what | mean. What! mean by that is that as an example you know you
issue bonds and some of those bonds have a 10 year life or 20 year life and it is going to vary. But in total if
you had $50 million dollars in debt, just you use some round numbers then credit rating agencies and financial
institutions they are going to want to see you paying off about 75% of that within a 10 year period. So when |
talk about how rapid you are paying it out, are you paying out 75% of your bonds, not early, but is the schedule
that they are termed to be, will you pay off 75% of your outstanding bonds that your balance sheet date within
a 10 year period. That's what | mean by a rapid pay out schedule; you are not paying them early.

Alderman Klee
So we are exceeding the 75% that would be required or are we just up to that, at least the 75%?

Mr. McIntire The 75% was a number for conversational purposes that | put out there to try to illustrate that it
wasn’t so much paying it early — 75% is a rapid pay out. You are in that ballpark. | don’t want to sit here and
tell you are at 75%; | wanted to hopefully simplify it a little bit. That’s really the measure that rating agencies
like to see is how rapid are you paying it out. Really not so much are you paying it early.

Alderman Klee

Ok thank you very much.

Mayor Donchess

In fact we don’t necessarily have the option of paying early in the sense that to pay early you got so called call
the bonds, meaning you pay people before they are anticipating being paid. Most of our bonds don’t authorize
that which is attractive really to the bond holder really, because they don’t want to be bought out early. They
don’t want to be bought out early because they know they’ll only get bought out early if they are in
advantageous position.

Finance Committee - 4/17/2019 Page 6
Alderman Klee
Ok thank you.

Mayor Donchess

Ok any other questions or comments? Alright, well thank you very much for your report and how many years
have you done the audit, | forget now.

Mr. McIntire It has been a handful, | don’t know off the top of my head.

Alderman Klee

| was looking back at it and you were there | think 2010, so it’s been a few.

Mayor Donchess

It has been awhile so | was just curious. Alright well thank you very much for your help.
COMMUNICATIONS

From: John L. Griffin, CFO/Comptroller
Re: Melanson Heath Presentation — April 17, 2019

There being no objection, Mayor Donchess accepted the communication and placed it on file.

From: Dan Kooken, Purchasing Manager
Re: Contract for NPD Window Project

MOTION BY ALDERWOMAN KELLY TO ACCEPT, PLACE ON FILE AND, CONTINGENT UPON FINAL
PASSAGE OF R-19-127, AWARD THE CONTRACT TO D.L. KING & ASSOCIATES IN THE AMOUNT OF
$134,500. SOURCE OF FUNDING IS DEPARTMENT 150, BOND

FUNDS

ON THE QUESTION

Mayor Donchess

And Ms. Smith and another is here for the Police Department, so why don’t you come forward. How many
people have visited the PD to see the condition of these windows? Has anybody on the Committee? Alright
some came over right?

Alderwoman Kelly

We see pictures.

Alderman O’Brien

We had a video presentation and it showed how the snow was getting in so it proved a point.
Alderman Klee

And that they wear their winter coats to do their work.

Finance Committee - 4/17/2019 Page 7

Mayor Donchess

| think President Wilshire and someone else came over didn’t they? | forget, didn’t someone actually visit but
maybe not. Anyway | went over there.

Alderman Klee
| think Alderman Dowd was there.

Mayor Donchess

Anyway the condition of the windows is ridiculous, we are losing all kinds of energy, snow is coming in. How
this building that’s only 40 years old and renovated could have got to this way? Anyway do you have anything
to add to the situation. Do you have anything that you'd like to ....

Robert Giggi, Lieutenant Nashua PD

| don’t have anything to add aside from what a majority of people have seen already. If there is any questions
I'd be happy to answer them.

Mayor Donchess

Well the motion is for the award of the contract contingent on approval of the funding later on. Is there any
discussion or questions for the PD?

Alderwoman Kelly

Thank you, you guys did a pretty good job of walking us through the need here. I’m just wondering how soon
we can get those windows in so that it is not snowing this winter.

Lieutenant Giggi

As soon as we can get the work done, the end date, | have the end date that DL King gave us. They actually
updated the contract and | can give you that date as soon as | can find it. They gave us a final date of, so 25
weeks after the notice to proceed will be the completion date. That includes the lead time for the product and
all of the labor.

Alderman Kelly

Great thank you.

Mayor Donchess

Anyone else?
Alderman O’Brien

| was just going to say in general and | am glad we are addressing this, and coming from the other side of the
fence on fire that has multiple buildings and | did say it the last time spending a night in Lake Street Station, the
old one, and | went home that morning and | asked the wife - Can | have every spare blanket in the house, you
know what | mean? The heater came on in September and didn’t go off until May, you know what | mean. It’s
a shame when we have you know municipal buildings and expect people to be productive and work. | am
hoping that as this Board and | think maybe as we go along in the future that we look at our infrastructure;
Police Fire Stations, Sewers and we are doing very well with another project, speaking with the sewage

Finance Committee - 4/17/2019 Page 8

treatment plant. If we start losing our infrastructure you know what money did we save? We didn’t save
anything, so | am glad we are addressing it for you guys. Thank you.

Mayor Donchess

Alright, if there are no other questions?
MOTION CARRIED

From: Dan Kooken, Purchasing Manager
Re: Contract for Independent Consultant Services

MOTION BY ALDERWOMAN KELLY TO ACCEPT, PLACE ON FILE AND AWARD THE CONTRACT TO
MEENA GYAWALI IN THE AMOUNT OF $22,000. FUNDS ARE AVAILABLE IN DEPARTMENT 183,
ECONOMIC DEVELOPMENT; TIF DISTRICT

Mayor Donchess

And | believe Mr. Cummings is here on this. Why don’t you come up? To clarify what the source of the funds
for this contract would be, the Board of Aldermen and the City created a TIF or Tax Increment Financing
District surrounding the river a little over a year ago. And what that means is that a certain proportion of the
taxes generated from the buildings around the river including Lofts 34, Clock Tower, Cotton Mill Square and a
few others, a certain portion of the money generated by those properties is devoted or is directed into the TIF,
the Tax Increment Financing District. That money is then dedicated to be spent along the river and to
implement the Riverfront Master Plan that the Board of Aldermen adopted several years ago.

There is about $800,000.00 or between $700,000.00 and $800,000.00 in the account right now. So this
$22,000.00 would come from that account, the TIF Account. There is a TIF Board of Director or Advisory
Board of property owners and residents around the river that advises the City as to how the money might be
spent. | assume they have endorsed this idea. Just as background, with that, could you Mr. Cummings
explain what is proposed here?

Tim Cummings, Economic Development Director

Absolutely Mr. Mayor, again for the record Tim Cummings Director of Economic Development. So what is
before you this evening is just a temporary contract up to six months, though | think it is going to be less than
that where we are going to be engaging in independent consultant. Alderwoman Kelly did a great job in saying
the name, that is actually a very difficult name. The first time | tried saying it, it was very challenging, her name
is Neena Gyawali and her resume is included in your packet. You will see she is very experienced and has
some wonderful skills.

We are bringing her in to help us move the TIF initiative forward and particular help to bring forward some of
the projects that | know this body and other groups in the City have been asking about. So! am asking for you
to approve this. The reason why you are approving it is because per the governing documents that enabled
the TIF, all contracts need to come back before the Board of Aldermen, no matter what dollar amount. This
One is just a tick over $22,000.00 though | don’t think we will actually spend that. Meena Gyawali’s scope of
services is really just to help us get the first RFP off the ground or RFQ technically where we would be looking
to bring forward the continuation of the Riverwalk and hopefully have a civil engineering firm on board that
would project manage similar to the way Hanna Swanson did for the Broad Street Parkway with Mr. John
Vanacore. That’s the ultimate goal that we are working towards.

Mayor Donchess

Discussion.

Finance Committee - 4/17/2019 Page 9
Alderman O’Brien

Thank you. Mr. Cummings, particularly of interest in one of the ancillary projects would be invasive species
removal. Ok, could this contract, can she help us out maybe with some granting? | know the State does have
some things and we need to take care of that river, we don’t want no more dirty water, you can keep it in
Boston. But we want Nashua to be good.

Mayor Donchess

What was the song again?
Alderman O’Brien

Oh | love that dirty water. Yes. Mr. Cummings knows the tune.

Mr. Cummings

| do and if | may Mr. Mayor the answer is yes and in fact Director Marchant and | already sat down with Ms.
Gyawali and started that conversation. As you know, the invasive species removal process is being really run
out of the Community Development Office. Because that invasive species removal is so integral to the TIF and
the success of the Riverfront Meena Gyawali will be intimately involved and could help us by adding some
additional resources such as grants and what not.

Alderman O’Brien
Very good.
MOTION CARRIED

From: Dan Kooken, Purchasing Manager
Re: Contract for Legal Counsel Services for NMUTC

MOTION BY ALDERWOMAN KELLY TO ACCEPT, PLACE ON FILE AND AWARD THE CONTRACT TO
DRUMMOND-WOODSUM ATTORNEYS-AT-LAW IN THE AMOUNT OF $56,500. SOURCE OF FUNDING
IS DEPARTMENT 183, ECONOMIC DEVELOPMENT; PERFORMING ARTS CENTER

ON THE QUESTION

Mayor Donchess

Mr. Cummings?

Mr. Cummings

Thank you Mr. Mayor so the contract in its full amount is for $56,000.00 though it should be clear to everyone
that our obligation is only somewhere around $5,000.00 as it is outlined in the contract. That is for the pre-
work that is necessary for setting up the differing legal entities proving us with tax opinions relative to the New
Market Tax Credit Transaction. This is just planning and preparation that we need to do so we are in good
stead. So if we are successful in receiving a New Market Tax Credit, we will be able to execute quickly and
that’s paramount in these types of transactions.

So the balance of this fund of this money would actually come from the New Market Tax Credit Transaction
itself; that $5ish thousand dollars and what is referenced in your Memo is a consulting line item that we have
for the Performing Arts Center. So that money that is $5,000.00 is not off of the authorized bond but off of
money that was set aside by the Downtown Improvement Committee for consulting services to advance the

Finance Committee - 4/17/2019 Page 10

Performing Arts Center project. That is the same funds that we used to pay for the professional fund raising
consultant and the New Market Tax Credit consultant. So anyway | wanted to provide you that additional
information and ask that you support this. It is extremely important that we get this outside legal service’s
opinion or consultation to help us advance this project. We've done this in collaboration with our Corporation
Counsel’s office, Attorney Bolton has been working with me through this initiative. We requested three
proposals from very experienced New Market Tax Credit attorneys and John Kaminski of Drummond
Woodsum is the one we are recommending.

Alderman Harriott-Gathright

| have a question for Director Cummings, you said that the value was $56,500.00 but yet you think they are
only going to use about $5,000.00, did | get that correct? But you also say there were three different
attorneys?

Mr. Cummings

Yes if | may Mr. Mayor, so we solicited proposals from three different firms and the one that we’ve chosen has
outlined a two-phased type contract where the first phase all we are obligating ourselves to is approximately
$5,000.00. And that is all we are obligating ourselves to because if we are not successful in obtaining that
New Market Tax Credit which would pay for the balance of this contract; there is no expectation that we would
have to pay the attorney.

Steve Bolton, Corporation Counsel

| want to make one disclosure so it’s clear. Celia Leonard, the Deputy Corporation Counsel is in fact married
to a lawyer at this firm. That played no role in the selection of this firm; we excluded Celia from the selection of
the firm. But Tim and | agreed that John Kaminski had the best presentation of the lawyers we talked to. He
understood what was involved and what we would be facing and he was very reasonable in structuring the
contract as Tim just explained to minimize our expense and our exposure to expenses up front if we don’t
obtain the allocation of New Market Tax Credits. So if a project doesn’t go forward because those aren’t
obtained, the expense of these legal services will be minimized. Celia will be working on the project but she
was as surprised as anyone when | told her that it would be her husband’s firm. So just to let you know.

Alderman Klee

Thank you Mr. Mayor. Director Cummings | just want to make sure that | do understand this correctly; you said
a two-phase, $5,000.00. So the $5,000.00 will be paid out of what fund?

Mr. Cummings

The consulting budget if you will or the consulting account that the Downtown Improvement Committee
approved that is run through the office of Economic Development.

Alderman Klee

So that $5,000.00 will be paid out of that and the $51,000.00 if we did secure the Credits and so on will be paid
out of the New Market Tax Credit Fund and so on. And | just want to make sure | have this correct; they are in
fact going to help us secure these New Market Tax Credits and this is different than the New Market Tax Credit
that we hired to do the application and so on. Those are two separate entities correct?

Mr. Cummings

Yes, Mr. Mayor if | may, yes two separate entities, and the legal counsel will play a supportive role to help us
secure the New Market Tax Credit. The bulk of that work would be done by the New Market Tax Credit
Consultant that we already have on board. If you look at the scope of services | think it is tasks like 1 through

Finance Committee - 4/17/2019 Page 11

3, if you will is really what the New Market Tax Credit Attorney would be providing to us. Basically providing
ancillary support, help us with marketing, help us with providing additional evidence to the New Market Tax
Credit entities, those CDE’s — that we have our act together, this project is serious. We are working as hard as
we can to bring it to fruition. And having this third party type of attorney there to help echo that message is the
type of services that they would be providing and that would be their role in that regard.

Alderman Klee

Thank you | just wanted to make it clear for the listening public and so on. Thank you so much.

Alderwoman Kelly

Attorney Bolton, if we could just go back to what you brought up | just want it to be clear. You said Celia is
going to work on it, is her husband also working on it or just the firm itself?

Attorney Bolton

His expertise is in other areas.

Alderwoman Kelly

Perfect, thank you.

Mr. Cummings

And | should also just note and echo on that point, this firm is a pretty large firm with multiple offices. This is
not the type of firm where there are one or two practicing attorneys, | don’t know how many attorneys they
have but there are quite a number of offices and quite a number of attorneys on staff at this firm. They have a
few different practice areas so this runs wholly separate from whatever Attorney Celia Leonard’s husband
works on.

MOTION CARRIED

From: Dan Kooken, Purchasing Manager
Re: Fiscal Agent Agreement with City Arts Nashua

MOTION BY ALDERWOMAN KELLY TO ACCEPT, PLACE ON FILE AND AUTHORIZE THE CITY TO
ENTER INTO THE FISCAL AGENT AGREEMENT WITH CITY ARTS NASHUA

ON THE QUESTION

Mayor Donchess

Mr. Cummings?

Mr. Cummings

Yes thank you so this document that’s before you has been a long time coming a document | would have liked
to have gotten to you much sooner than now but has been a very nuanced process. It is a representation of a
lot of work where City Arts Nashua is coming forward and acting as our Fiscal Agent and they have already
been doing this informally on our behalf. So this just codifies and memorializes the process that has
developed and what we have been working toward. It has been reviewed by the Performing Arts Center
Steering Committee; it has been reviewed by a sub-group of that Steering Committee. It has been subject to a
lot of conversations between the Chair of City Arts Nashua, Lisa Bissonnette and myself.