1.5 Developer submitted its response to RFP on March 30, 2017 (the
Proposal”), and after being selected by the City has worked with the City to develop a
mutually agreeable Project concept.
1.6 Developer intends to develop the Project to comprise a 160,000 square foot
building comprising approximately 150 apartments and related improvements, all in one
single phase, and public parking.
1.6.1 A proposed Master Development Agreement was put forward for approval
by the Board of Aldermen in resolution R-20-028, which had its first reading on April 14,
2020. The legislation was referred to the Budget Review Committee. At the Committee
level, it was determined that additional parking was advisable in the area. Accordingly,
the City and Developer devised a new idea for the Project which includes ground floor
public parking owned by the City and the apartments over the parking.
1.7 The Project is depicted more specifically on the “Project Design Drawings”
(defined below).
1.8 The City intends to lease _seH-and-econvey—fee—simple—ttleteothe area
necessary for the lobby for the residents on the ground floor and the air rights over the
parking lot on the School Street Lot for the apartments (“the Property’) to Developer as set
forth in Section 2.1 below.
1.9 The purpose of this Agreement is to facilitate the development and
construction of the Project in a way that results most effectively in the public benefits
intended for the City and the private benefits intended for the Developer. The development
and construction of the Project requires a major investment by the Developer in facilities
and on-site improvements, and substantial commitment of public and private resources to
achieve the benefits of the Project for Developer and City.
1.10 The general benefits to be received by City from the implementation of the
Project include, without limitation:
a) Realization and implementation of the “Development Plan” (defined below
and attached and incorporated into this Agreement as Exhibit “B”) for the School Street
Lot in downtown Nashua;
b) Establishment of integrated site plans, urban design elements including
uniform engineering, landscapes and architecture that contribute to the revitalization of the
School Street Lot and downtown Nashua;-and
ro) Provision of housing opportunities in downtown Nashua-;_and
d) New public parking in the downtown.
