Special Bd. of Aldermen — 02/27/2017 Page 12
Alderman Jette
So doing the income approach on commercial property, how do you obtain the information that you’re going to
basing this on? Are the owners compelled by law to provide that to you?
Ken Rodgers
Unfortunately they're not. We sent out income and expense requests and we do get a pretty decent return.
We're probably not going to get all of them but we can fill in the holes. | think NH is one of the only States in
New England that doesn’t require it to be sent back.
Attorney Bolton
There is data available commercially. Manuals that you can look up what things are renting for, what is the
cost of maintenance per acre and those sorts of things. What they’re doing is they’re not actually doing an
individual appraisal on every piece of commercial property. They build a model and then say okay for
manufacturing type buildings, the model is so much per square foot and that takes into consideration the
income approach that they’ve modeled based upon the sales they’ve looked at and based upon the information
they’ve gotten from those who respond to the questionnaires or from other sources. Is that correct?
Ken Rodgers
Yes.
Alderman Dowd
Reading ahead to your summary slide, | see that the cost of this project is approximately half a million dollars
and the source will be CERF. Do we have provisions in the CERF account to do it for this type of activity?
Mr. Griffin
Several years ago | believe in 1983 the Board of Aldermen approved the use CERF for this purpose. When
you ask is there any specific line item in CERF right now for this purpose — no. There is $1.7 million I’d say
unrestricted balance that we could use for this purpose.
Alderman Dowd
Just for the new members can you explain what CERF is normally used for?
Mr. Griffin
CERF is the capital equipment reserve fund. It is generally used to fund vehicles for the different departments
within the city.
Alderwoman Melizzi-Golja
Thank you. | just have a follow up question to Alderman O’Brien’s earlier question regarding information
taxpayers can get. Mr. Rodgers you indicated that there will be like a taxpayer mini manual that will be
developed. | guess to Mayor Donchess and Mr. Griffin will that then be made available electronically on line?
If people don’t have access electronically how will that be made available? Have we thought that far out or any
thoughts of that?
