G2) THE CITY OF NASHUA “The Gate City’
Economic Development Division
To: Mayor Donchess, City of Nashua
From: Tim Cummings, Economic Development Division Director
Ceo: Janet Graziano, Financial Manager
Date: May/2018
Re: Tax Credit Consulting Contract
Request
The Office of Economic Development requests the approval of the contract before you in the amount of
$63,450 with Niel Cannon, a sole proprietor and a finance/development finance consultant from New
Hampton, New Hampshire.
Background on Procurement
This contract is a reputable finance development consultant that has worked extensively with New Market
Tax Credit projects previously. The project entails a phased approached with the initial phase will be the
solicitation of a Community Development Entity (“CDE”) to award part of their New Market Tax Credit
Allocation to this project. This phase is approximately $20,000 to $30,000 worth of work. The balance of
the contract would go to the 2™ phase with is the facilitation and closing of the transaction.
In March of 2018, the City of Nashua Mayor’s Office of Economic Development issued a Request for
Proposals seeking proposals from professional tax credit consultant to assess and outline how best to
execute a program that would achieve a New Market Tax Credit Allocation for the Performing Arts
Center.
While following required Purchasing Department protocol for public notification of consulting
opportunities, staff took additional steps to identify the most capable companies throughout the country.
Notices of the availability were sent directly to 6 firms.
The City received 3 proposals. A small evaluation team met and discussed the proposals and conducted
phone interviews with each of the respondents. It was the overall consensus that Niel be awarded the
contract based on his knowledge of New Hampshire’s development finance industry, past experience in
general with New Market Tax Credits and his innovative approach.
