Special Board of Aldermen Page 3
May 31, 2016
Mr. Vancor
It’s a little bit better than that in that $2 million would come back immediately because we already have eligible
expenses and we have the paperwork up. Another $3 million would be reimbursed by the Broad Street
Parkway and that would leave about $1.9 million that we would get back until the paving. The reason for the
discrepancy is it’s not just the amount of the check that we need to get reimbursed using eligible expenses,
there is also a couple of million dollars in unspent federal funds that hasn’t been programmed for anything yet
and we want to make sure we capture that as well.
Alderman Deane
So once we get all of this convoluted financial lingo all figured out, at the end of the day what is the net effect
on the spending cap?
Mayor Donchess
| think there is no effect because this is all bonded money and it’s being spent pursuant to this project. It’s cap
neutral.
Alderman McCarthy
| believe that everything that we have to pay is already authorized in the Broad Street Parkway.
Alderman Siegel
So what | am hearing is that we will immediately get some money back but we will have to put money out of
our own funds out for some period of time and earmark it specifically for paving and at some point because we
are hoping that we craft it such that it’s eligible we will then be reimbursed for that so we are not putting out
additional money for paving, we are just repurposing it and putting it towards arterial roads which we have
been looking at anyway. Approximate timeframe, you’d expect a repayment schedule; what’s typically the
length of time we are looking at?
Mr. Vancor
We would expect the repurpose paving project to be done in 2017 and it would be a reimbursement just the
same as what’s been going around the Broad Street Parkway normally which is after the work is done, the city
pays for the work, submits through New Hampshire DOT to federal highway and then gets the money back so
it's a matter of a couple of months after the work is done.
Alderman Siegel
So we can repurpose this money that we didn’t spend on the Broad Street Parkway and get the roads that we
probably care a little bit more about paved, at least some of my constituents care about them.
Mr. Vancor
That sounds accurate.
Attorney Bolton
| think one of the points that may not have been emphasized quite enough is that these paving projects are
already engineered because it was anticipated that city money would be spent on them. What this repurposing
of federal funds will allow is for the most part federal funds will be substituted for what would have been city
funds and that’s even over the next year or so.
