Special Board of Aldermen 11-24-2020 Page 14
Mr. Cannon
Thank you, Madam Chairman. You are exactly right, Alderman Lu in it is a bit more complicated because
of the actions we have to go through to create, first of all, the City as a Master Tenant because the
municipality cannot be a borrower and then to get the City Bond Funds and to create the senior leverage
lender which is the 201 Main Street Corp. It’s not done often, | have been involved in two projects where it
has been done, both are in Keene where municipal bonds were used to build the Cheshire County
Courthouse and lease it to the county and to do an addition to the Library, a small project. But as |
understand it, it is little more frequently used in the mid-west and other areas, but New Hampshire and
probably Vermont and Maine, there’s only 3 or 4 incidents and this will be one of them.
Director Cummings
And then if | may Madam President to follow on to that. | am very familiar with the project in the City of
Boston where the City of Boston decided to move all of our their administrative offices and the School
Department to a lower income area called Dudley Square and they built a new Administrative Office for
their Department of Education and they used New Market Tax Credits to do that as well so it wouldn’t be a
much money on the property tax (inaudible).
Mr. Kaminski
And if | may add to that? | am familiar with a couple of transactions that were done in Maine, the Mid Coast
Regional Redevelopment Authority that’s redeveloping what used to be the Brunswick Naval Air Station. It
has participated in two New Markets Tax Credit transactions; it is a Governmental Entity chartered by the
State of Maine. So it does happen, not with a lot of frequency in this part of the country, but there is
precedent for it and you folks will not be pioneers in doing this.
President Wilshire
Are you all set Alderman Lu?
Alderwoman Lu
| have one other question that | wanted to ask about which is — the approval number 8 concerns me. |
would feel better if we had some — the pledges is it correct that the on or received we have all but
$100,000.00 in hand of that $1.553 million because | thought that was what | heard. | thought | heard that
under $100,000.00 needs to be guaranteed under Approval #8. So | am concerned about that, how much is
it exactly that is a pledge? | had hoped that it is a pledge and not cash in hand.
Director Cummings
So if | may Madam President?
President Wilshire
Director Cummings?
Director Cummings
Yes thank you and | am sorry my data might be a little slow so | might be a little delayed. But nonetheless
relative to the question at hand, | can speak to where the Nashua Community Arts is relative to fund raising
if you’d like. Before | do that, | want to preface my comments and remind you all that early on we had
always said that pledges and cash would be counted. Can everyone hear me?
