Special Bd. of Aldermen — 5/2/17 Page 10
Alderman Clemons
What is non-local government mean, and what are some examples that would be eligible for Nashua?
Mr. Webb
We are presuming state, federal and regional grants. There is a fundraiser on the staff. Their job is to pursue
fundraising in order to sustain the building. We set what | believe very conservative targets for individuals,
corporations, as well as that regional coverage.
Alderman Clemons
Do you have any specific examples of what other theatres in New Hampshire get from non-local governments?
Mr. Webb
Generally more than that. If you look at facilities such as Concord and Manchester, they raise a lot of money.
Because our strategy here was to focus on local government providing the capital financing and look to the
private sector to provide the balance or most of the rest of the support. Inevitably there will be grant
opportunities that will arise that a development director will see. We think those are realistic.
Alderman Siegel
Would this bond debt be under the Cap or subject to the Cap or outside of the Cap?
Attorney Bolton
Debt service would be incorporated yearly and count toward the limitation that the Cap provides. The bond,
itself, is not.
Alderman Siegel
An estimate of that amount of money, anybody?
Mayor Donchess
A little over a million. $750,000 a year on principal; 3.5 percent, $600,000.
Alderman Siegel
That’s $1 million that we have to have with our existing Spending Cap.
Mayor Donchess
If you were to finance it with an even payment so the principal at the beginning is lower, it would reduce it to
some degree but you would not have a declining principal requirement as you went along.
President McCarthy
It is also replacing the existing debt that is being paid off. There is some offset in the way the budget changes
from year to year.
