Community Development Finance Authority
Investment Tax Credit Program Contract
Award No. 20-133-CDIP-CDED1
1. Project Allocation, Purpose, and Description
1.1 Project Award: City of Nashua (Grantee) is awarded $367,500 (the “Award”) in
Community Development Finance Authority (“CDFA”) Investment Tax Credit Program funds for
the Nashua Performing Arts Center project (the “Project”), with a net total to the Project
(after the standard 20% CDFA program fee) of $294,000 (the “Grant”).
1.2 Project Purpose: The purpose of this award, made under the provisions of RSA 162-L,
is to provide funding to support development of a performing arts center in Nashua, NH and
will be used by the Grantee in accordance with the Grantee’s application for tax credit
funding, subject to any conditions and restrictions as set forth by the CDFA Board of
Directors, as approved on June 11, 2019.
1.3. Grant Period: This Grant period shall begin on July 1, 2019, and end on June 30, 2024
(the “Grant Completion Date”). The parties agree that the Project activities shall be
completed prior to the Grant Completion Date. The Grant Completion Date may be amended
only upon the written request of the Grantee and the approval of CDFA.
1.4 Project Scope Requirements: The scope of the Project may not be substantially tess
than what was proposed in the tax credit application submitted, and/or as approved by the
CDFA Board of Directors on June 11, 2019. CDFA retains the right at all times to evaluate the
eligibility and scope of Grantee’s Project and to adjust Contract terms accordingly. Any
substantial changes to the scope, nature, location, implementation schedule, grantee
administrative capacity or financing of the Project may require additional action of the CDFA
Board of Directors. All determinations related to change in scope are at the sole discretion of
CDFA.
2. Tax Credit Pledge Schedules and Fundraising Requirements
2.1 Schedule of State Fiscai Year Tax Credit Allocation: The atlocation of $367,500 in
tax credit funds will take place over the State Fiscal Years (“SFY” which runs July 1 through
June 30) as outlined below.
2.2 Fundraising Deadline Schedule and Donation Due Dates: The Grantee shall secure
donations which shall be evidenced by an executed Pledge Agreement. The pledges shall be
payable by cash or marketable securities specifically earmarked for the Project and payable
to CDFA according to the following schedule:
Type Amount Due to CDFA by for SFY
Pledges
$367,500 March 31, 2021 2021
Cash Donations
$367,500 June 30, 2021 2021
