MEMORANDUM OF UNDERSTANDING
THIS DEVELOPMENT AGREEMENT (“Agreement”) is made as of this day of
, 2021, by and between Nashua Housing and Redevelopment Authority, a New
Hampshire municipal housing authority under RSA Chapter 203 with its principal address of 40
East Pearl Street, New Hampshire 03060, (‘NHRA”), Bronstein 4% Limited Partnership a
New Hampshire limited partnership with a mailing addresses c/o Nashua Housing and
Redevelopment Authority, 40 East Pearl St, Nashua, NH 03060 (“Bronstein 4%") and Bronstein
9% Limited Partnership, a New Hampshire limited partnership with a mailing addresses c/o
Nashua Housing and Redevelopment Authority, 40 East Pearl St, Nashua, NH 03060(“Bronstein
9%” and individually or jointly Bronstein 4%, the “Developer’), and the City of Nashua, a New
Hampshire municipal corporation with a principal address of 229 Main Street. Nashua, New
Hampshire 03060 (“City”) (each a “party”, together the “parties”’).
Recitals
WHEREAS, NHRA owns a certain parcel of land, with improvements thereon, situated at
41 Central Street, Nashua, NH, identified on the records of City of Nashua Assessors as Lot 80,
Sheet 89, (“Property”);
WHEREAS, NHRA currently owns, manages, and maintains a 48-unit multifamily
affordable housing project on the Property known as the Bronstein Apartments (“Bronstein
Property’);
WHEREAS, NHRA and Developer desire to renovate and redevelop the Bronstein
Property to construct 216 new apartments, comprising of 10 market-rate units and 206 affordable
units, approximately 2500 square feet of community space and approximately 3000 square feet for
a Head Start childcare center through a ground lease between NHRA, as landlord and Bronstein
4% and Bronstein 9%, as tenants (“Bronstein Redevelopment”),
WHEREAS, at all times, NHRA will own the underlying “Property” on which the
Bronstein Redevelopment will occur;
WHEREAS, NHRA will be entitled to exercise its right of first refusal to acquire the
Bronstein Redevelopment at the end of the 15-year Compliance Period, at which point it would
own both the property and improvements at the Bronstein Redevelopment;
WHEREAS, City is desirous of supporting the Bronstein Redevelopment in order to
increase the supply of affordable housing in the City:
WHEREAS, the Nashua City Planning Board has reviewed and approved, with
modifications, a site plan for the Bronstein Redevelopment entitled “Master Site Plan (Map 80.
Lot 89) Bronstein Redevelopment 41 Central Street, Nashua, NH” prepared for Boston Capital
Corporation, record owner Nashua Housing and Redevelopment Authority dated June 16, 2020 as
prepared by Hayner/Swanson, Inc. (“Site Plan”);
