Special Bd. of Aldermen — 12/20/2018 Page 6
the ideas, because once this train leaves the station, we really need to make sure we have the approvals
necessary to be able to execute on this project. So with that being said, Madam President.
President Wilshire
Thank you and thank you Mr. Cannon for your presentation. | am going to start on this side.
Alderman Gidge
That is if everything goes correctly and every deal obviously Keene a courthouse it certainly or library is
certainly different than what we are doing down here. You must have something that you can show us where
mistakes have been made where this has not worked, where are the weak spots of this? There has to be, it
just doesn’t work like this.
Mr. Cannon Yés it does, especially in this sense. The places it doesn’t work is where the QALICB defaults on
the loan. In this case the loan is the full faith and credit of the City of Nashua. So | don’t see any, unless the
City of Nashua goes into bankruptcy, | don’t see a problem.
Alderman Gidge
Well there are moving parts obviously, when you rent something to somebody and then you rent it individuals
let’s say to run the business, when there are contracts that go into that obviously which has nothing to do with
this, has something to do with us. That is a weak spot if that doesn’t work out.
Mr. Cannon We have had more discussion about that than the numbers.
Alderman Gidge
Is there a place though to have something to show us where it doesn’t work? All this works all the time?
Mr. Cannon Yes because you are going to control, you control the purse strings at the top and building
through a Master Lease at the bottom. The strength of that lease is up to you as is the strength of the
relationship of the City as the Master Lessee in any sub-leases to operators or whatever.
Alderman Gidge
| would just like to ask, please is there anything like this that hasn’t worked? Is there anything we can look at
Has this not worked someplace?
Mr. Cannon | mean the only ones | know that have failed have failed because of default on loans. There are a
couple in Claremont that failed in the mill building. But it was a financial failure not a compliance failure
President Wilshire
Are you all set Alderman Gidge?
Alderman Gidge
Yes | am, thank you.
