| THE CITY OF NASHUA “the Gate City’
Economic Development
To: James Donchess, Mayor
From: T. Cummings, Economic Development Director
Ce: Steve Bolton, Corporation Counsel
Date: April 3, 2019
Re: Contract for Legal Counsel Services for NMTC
The Office of Economic Development in partnership with the City’s Office of Corporation Counsel
solicited proposals for New Market Tax Credit (““NMTC”) legal services. Specifically, the services sought
are to assist with the development of the deal structure, provide a legal opinion on the NMTC transaction
and provide legal guidance as necessary to bring the NMTC transaction to a closure.
I along with Steve Bolton solicited proposals who have past experience closing NMTC transactions. Three
firms responded and after Steve and I reviewed the proposals and evaluated each proposal based on the
following criteria: qualifications and experience, past performance and service on similar projects,
proposed approach to scope of work, responses in interviews and cost.
Drummond Woodsum was chosen unanimously for their comprehensive knowledge and their strong past
experience working with municipalities, which translates into understanding the various perspectives and
priorities of a municipal corporation.
I am recommending awarding a contract for NMTC legal services for in the amount not to exceed $55,000
with an additional $1,500 for miscellaneous expenses to Drummond Woodsum for a grand total of
$56,500. However, the way the proposal is structured the city is only obligating to pay $5,000 for legal
work necessary in advance and in preparation of a NMTC closing.
It should be noted that the way you typically pay for this type of service is at the time of the NUTC
closing and it is bundled into the fees associated with the transaction. Should the transaction not
commence the city is only obligated to $5,000, which will come from the consulting budget set aside by
the Downtown Improvements Committee.
