Finance Committee - 9/5/2018 Page 10
Alderman Caron
Thank you Mayor. | just have a question as to why we are doing this when we have over the past 8 years that
I’ve been on the Board we’ve always had Auctioneer do this? | know we’ve sold property from the Broad
Street Parkway that we had left over through that.
And my second part of the question is why are we going outside of the City when we have such great real
estate agents to utilize? Two questions in one, is that ok Mayor?
Mayor Donchess
Yes.
Alderman Caron
Alright, thank you.
Mr. Cummings
So Mr. Mayor and through you to the Committee, first | will answer the latter which is we put this out for an
RFP, we wanted anyone interested in the Marketplace. | specifically reached out to five local realtors in
Nashua, made them aware of this opportunity. | thought we would at least get one, unfortunately we only got
one response and that response happens to be someone out of, works very much in the Nashua area, but has
hung their shingle with a shop out of Bedford, NH. So that stands to that very specific question.
And then relative to why going the direction of a brokerage as opposed to an auctioneer, we could go the
auctioneer route, | think the sentiment was with some of the staff here in the City and in particularly with the
Broad Street Parkway, we have to make sure we obtain and achieve certain values to make sure we are
meeting State and Federal criteria. Because sometimes certain monies were used and we have to make sure
we achieve fair market value. We thought we would have a better opportunity if we had someone out there
actively marketing these properties to try to achieve the highest price possible.
Mayor Donchess
| think, correct me if I’m wrong, Federal DOT has a lot of money in this project, doesn’t like the auction
approach and if we sell these properties for less than the appraised value, they have to be convinced that we
got as much as we could. They are less likely to be convinced at an auction than they are through this
approach. So part of this is to satisfy Federal DOT so they don’t penalize us and say that we didn’t get enough
for a property if it has to be sold for less than the appraisal.
Alderman Caron
Thank you. So are you saying that they weren’t happy with the previous selling of some of that property on
Broad Street?
Mayor Donchess
We've done most of the Federal DOT stuff by broker, haven’t we? No?
Alderman Caron
| don’t know.
