THE CITY OF NASHUA “The Cate City
Economic Develooment Tim Cummings, Director
cummingsi@nashuanh. gov
PAC STATUS UPDATE REPORT
To The Board of Aldermen 6/19/19
To the Members
of the Board of Aldermen:
Thank you for providing me with an opportunity to give you a brief overview and status update as to where the
PAC stands. The last time I was before you was in March where I spent a bulk of my time reviewing and
updating the Board on the design related elements of this project.
Below I have outlined in bullet-point form various new developments:
¢ Architectural Design
oO
Oo
® NMTC
e Capital
Architectural design continues to progress we concluded Schematic Design (“SD”) with a
majority of the decisions made and have begun Design Development (“DD”), which will last
approximately 8 - 12 weeks (we are approximately 6 weeks within DD)
At a meeting in May the Architect (and design team) presented an update as to how the
current design is unfolding and the initial cost estimates — there is going to be a need to make
some decisions in the near future to bring down the project costs
The Design team highlighted a pathway forward to achieve the target Building + Demo
budget of $12.5M (but tradeoffs will be necessary, but nothing affecting the guiding
principles of the design)
Steering committee continues to meet almost every other Wednesday (unless otherwise
stated) the meetings are in Room 208 and go from 5 PM —7 PM - The next meeting is
tomorrow 6/26 and will be a discussion on design of the project
We are in the process of putting together the legal structures necessary to be able to carry out
the transaction. We are doing this in advance to position ourselves as best as possible for
being “project ready” — one of or the most important components in the process of securing a
NMTC, This legislation was just passed.
As previously noted, eight out of the twelve CDEs we solicited (or 66%) responded with
some form of interest, but most noted it was very early and asked for us to follow up, but
they liked the project.
Last week 2018 NMTC awards were announced and we will be actively outreaching to new
and already engaged CDEs that were just awarded an allocation to market the project
Niel Cannon and I attended a NMTC conference the 1* week in June to promote the project
and meet with CDEs
We are actively soliciting CDEs
Campaign Committee
Meets regularly with Betsy McNamara and has begun the donor solicitation phase
« The group meets every 2 weeks in some fashion to discuss efforts
A NH CDFA Tax Credit was awarded to this project
e Thank you to Alderwoman Trish Klee (for attending the announcement) and
Alderwoman Shoshanna Kelly (for attending the CDFA Briefing) last week
Local businesses are being outreached to with the hopes that they will get involved
Foundation grant applications are being filed
The non-profit paperwork will be filed this week
Focus is on “lead level” gifts
