Board of Aldermen — 9/12/17 Page 31
gone from the city and will really make a defining moment on what our downtown looks like. I’m going to be
voting in favor of this.
Alderman Siegel
This is really a very difficult decision for me. | agonized it over a long period of time. | would like to thank all
the people who reached out to me. The bottom line is there’s two big forces here. We have this building that
we can build and it is a business. What is that business going to generate? If | look at the numbers right now,
I'll tell you right now the numbers don’t work. The numbers, themselves, as | look at this on the pro forma, they
make a lot of assumptions. They don’t seem to work. On the other hand, what also doesn’t work is a dying
downtown. That’s a problem. What’s the cost of a dying downtown versus the cost of what we are proposing
to build. | really am very, very concerned about the heart of Nashua disappearing. | think given the risk factor
is we buy a building and hopefully it has some value, that’s a consideration. On the other hand, | don’t know if
| want to own that building and over what timeframe? One of the problems | have is there’s no timeframe for
this $4 million. We're going to raise it over what period of time? That’s not specified in here. | would like to
propose an amendment which would be to perhaps set a timeframe for that $4 million to be raised, to make it
more concrete shall we say, and that can’t take longer than | would say 1 % year to two years, or actually one
year.
Alderman Deane
Did you make a motion?
Alderman Siegel
Yes, | would make a motion that we have a timeframe on this.
President McCarthy
| think we want to figure out exactly what the wording is.
Alderman Siegel
| would like to make a motion that the money has to be raised within a certain period of time, and that
timeframe cannot exceed two years.
President McCarthy
We'll start discussion while the city attorney looks at wording.
MOTION BY ALDERMAN SIEGEL TO AMEND THAT THE TIMEFRAME TO RAISE $4,000,000 CANNOT
EXCEED TWO YEARS
ON THE QUESTION
Alderman Deane
There was some money that was slid out of contingency to pay, | would imagine, rent on the building that is
sitting unoccupied. How long is that money going to last? What's the monthly rent or yearly rent on the
building that the city is being asked to pay by the owner?
