Greater Nashua
Chamberof
Commerce
DARE TO SUCCEED
December 11, 2018
The Honorable Lori Wilshire, President 142 Main Street, Fifth Floor
and Members of the Board of Aldermen Nashua, NH 03060
Nashua City Hall Phone: 603-881-8333
; Fax: 603-881-7323
229 Main Street snuachamb
Www. Nasnuacnamber.com
Nashua, NH 03060
Dear AiderngpMlishire and Members of the Board,
On behalf of the Board of Directors and hundreds of members of the Greater Nashua
Chamber of Commerce, | am writing to express our strong support for R-18-092, Amending
R-18-001 authorizing the Mayor and City Treasurer to issue bonds not to exceed the
amount of fifteen million five hundred thousand dollars ($15,500,000) for the Performing
Arts Center located at 201 Main Street. | regret that a previous commitment prevents me
from joining you this evening and expressing our strong support in person.
The Chamber was an enthusiastic supporter of the original bond resolution introduced last
year, we were active in endorsing and promoting the passage of the non-binding ballot
question last November and we carried that support through to the passage of R-18-01.
However, at the time, we also had concerns about the impact of the wording around the $4
million endowment requirement on the ability to raise that money in the first place.
In essence, the requirement handicapped the ability to raise funds by requiring that the
funds be raised before any of the bond money could be spent for design - and design is
essential for raising funds. Few if any donors, regardless of how passionate they are a
bout a project, will commit significant dollars towards a building project without being able
to see what that project will look like. Amending the bond resolution to allow for funds to
be used for the design phase removes that barrier and helps ensure the success of the
project.
The proposed language around New Market Tax Credits simply clarifies explicitly that those
funds are in fact private dollars provided by companies investing in approved community
development activities such as the proposed Preforming Arts Center,
| ask for your vote in favor of R-18-092 and thank you in advance for your support.
