Board of Aldermen 12-11-2018 Page 31
don’t think | can or do anything, and | am an artist, this is an economic anchor and downtown and those
neighborhoods need it. They need people to be drawn downtown to some attraction so that they will
stay downtown and spend their money at the shops , at the restaurants, at the businesses, who
themselves are also struggling and trying to maintain a bottom line while at the same time doing it ina
manner that builds a community space. Downtown is for everybody, it is our living room and that is
because the businesses downtown choose to be that way. They choose to participate in things like the
Farmer’s Market, the Holiday Stroll, a lot of times they put themselves out and work collectively just to
help create a better event and more visibility.
Things like the Farmer’s Dinner that is an act of love if I’ve ever saw one, where so many different
businesses that may be competing somewhat during the rest of the year are really working
collaboratively. The same thing with the Taste of Downtown; there is a lot of people and businesses
working cooperatively downtown. It is right where this Performing Arts Center should be and it is right
where we need that economic anchor to be. So again please remember the people who are making
this possible because while there will definitely be larger donors who see the merit of this and support it:
there is also other people who just by nature of their being there and trying to support their families
every day are also contributing to this and they will contribute to it moving forward.
Alderman Schmidt
Thank you Madam President. | think we all agree that this is a really good idea for Nashua. | think we all
agree that this going to be an economic boost to the City not just downtown but the whole region. | think
a few of us are struggling with this because at the beginning we did not have a template for this. We
did not have a plan. This is being developed as we speak and it has been changing all along. The first
6 months or so, we didn’t even have an agenda, we didn’t even have this on the calendar and then
people like Mr. Teeboom reminded us that this is a City project.
This is a thing that citizens need to be involved in and it really made a difference. It made such a
difference that they developed a really good idea of having someone come in and run this for us, we will
just be the landlord. In the long run, this is going to do exactly what we need to do. We just didn’t know
at the beginning. So | am going to vote for it even though it is still confusing and | know it is going to
happen, but | think it will work. Thank you.
Alderman Jette
| think | know where this is going. But to avoid making another mistake, if | could ask Attorney Bolton
the opinion has been expressed by Alderman Tencza and | agree with him that including New Market
Tax Credits is probably not necessary, but | assume it is there for a reason? And | am wondering if
bond counsel requires that we put that in there and if that is the reason, what about the NH Community
Development Finance Authority, the State Credits, does that need to be put in there also? Do they both
have to be in there or does neither have to be in there?
Attorney Bolton
| didn’t write this, | didn’t work on this, Dorie Clark in my office did and | think she investigated these
possibilities. The advice of bond counsel, the advice of the counsel the attorney dealing with New
Market Tax Credits which is his expertise was to do it this way. In the past, the State Agency has not
required that they be specifically referenced in these things and no one saw any reason to do that.
New Market Tax Credits are a difficult animal and you have got to hit them sort of step by step in the
appropriate ways. But at the bottom line they are no more or less government money than normal
donations to any charity or government that receive favorable tax treatment in the methodology of
charitable deductions, one’s income taxes. The New Market Tax Credits are a tax credit against
income taxes that private parties would otherwise have to pay.
