A special meeting of the Board of Aldermen was held Thursday, December 20, 2018, at 7:00 p.m. in the
Aldermanic Chamber.
President Lori Wilshire presided; City Clerk Patricia D. Piecuch recorded.
Prayer was offered by City Clerk Patricia D. Piecuch; Alderman Richard A. Dowd led in the Pledge to the Flag.
The roll call was taken with 14 members of the Board of Aldermen present.
Corporation Counsel Steven A. Bolton was also in attendance.
COMMUNICATIONS
From: Lori Wilshire, President, Board of Aldermen
Re: Special Board of Aldermen Meeting
There being no objection, President Wilshire accepted the communication and placed it on file.
PRESENTATION
New Market Tax Credit Program for the Performing Arts Center presentation by Niel Cannon, Finance and
Development Consultant.
President Wilshire
Tonight we have a presentation on the New Market Tax Credit Program for the Performing Arts Center
presentation by Niel Cannon, Finance & Development Consultant. Tim would you please join us, and Mr.
Cannon?
Tim Cummings, Director of Economic Development
Yes thank you Madam President, for the record Tim Cummings, | am the Director of Economic Development
here in the City and with me | have our New Market Tax Credit Consultant Niel Cannon who has been a
blessing to say the least to be involved in this project. He has brought a wealth of knowledge and he is a very
technical expert in this very complex process. What | have asked him to do this evening is to give you a high
level overview, basically a New Market Tax Credit 101 and then speak more specifically to how we would
structure the specific Nashua project.
Before we get there, | put together a small little YouTube video that | want to show you and then lastly, if need
be, | can give you a very specific example of how this tool was used in another community here in New
Hampshire and it mirrors very much what we are trying to do here. With that being said, the YouTube video
that I’m about to pull up is a YouTube video that was done for another area of the country that is a good tool to
help give you an orientation, but some of the details are not 100% accurate in terms of what we are talking
about specifically. But it is very close to what we are trying to do here and it is a good 10 minute snapshot. So
| thought | would play that at the beginning of this conversation, it will help inform the more broader
conversation that will come about when Niel starts his presentation. But again, it is not completely accurate
but it is very, very close.
YouTube video plays.
Mr. Cummings
So we are all experts now in New Market Tax Credits. So that was just a very quick high level overview, again
| want to just re-emphasize, it is not an apples to apples to what we are doing here in Nashua but it is a good
thumbnail to help to give you an overview as to what we are going to need to do for the most part. One of the
