Board of Aldermen 11-24-2020 Page 39
Tax Credits is any bit as complicated if not more complicated than Credit Default Swaps. So finally | gave
up trying to study this thing. | did study, however, the diagram that was presented in the earlier meeting
before this meeting. So | want to make a couple of brief comments.
First of all in the top where it says Bond purchase to the City of Nashua it mentions $20,240,800.00. |
thought the City had bonded $21 million dollars. Now maybe Director Cummings can address that. But
then when we look at the blocks of the City of Nashua, that money gets divided into two parts. There’s $7
million dollars plus sent to a senior leverage lender and there’s $13.1 million dollars sent to QALICB owner,
whatever the hell those are. But if you add up $7 million and $13 million, it’s $20 million not $21 million.
However, this $13 million suddenly becomes $13.8 million in the diagram. Now if you add $13.8 million to
$7 million, it's $21 million. So there’s definitely an error somehow there’s a leaky bucket, between $13.1
million and $13.8 million in the diagram on the left hand side that Director Cummings does not explain.
The other part | wanted to mention is the Equity Investor invests $2.9 million dollars and that finally trickles
down to a series of fees to $2.44 million which we all recognize to be the New Market Tax Credit that goes
towards the construction. So what’s the difference? The difference there between $2.89 million from the
investor to $2.44 million, trickles down, there’s a bunch of fees. And if you look at this document on Page 4
you find all kinds of fees called up. | won’t go into it, but the it adds up to about half a million dollars. So
these New Market Tax Credits a lot of people got their hands out. Half a million adds to about 16% of the
costs. So this ain’t no freebie folks. That’s a lot of financial handout and manipulation to again make these
New Market Tax Credits. So hopefully my grandsons this Thanksgiving will explain to me and perhaps also
Mr. Cummings what exactly our credit default swaps. Thank you.
President Wilshire
Thank you. Anyone else wishing to give public comment? Please do, you’re on mute.
Stephanie Rosenblum
Can you hear me now?
President Wilshire
You are good now. Yes.
Ms. Rosenblum Ok so sorry, my name is Dr. Stephanie Wolf Rosenbloom, | reside at 47 Berkeley Street in
Nashua and | am a member of the Board of Health. Earlier today, earlier in this meeting, earlier today we
had a meeting of the Board of Health which has been referenced. And earlier in this meeting, the Mayor
made some references and several Aldermen who are dedicated enough to attend the Board of Health
Meeting also attended. During that meeting, we discussed many different facets of COVID in general, and
of a potential for a curfew in particular.
We did not come to consensus during that meeting but there was robust discussion. It was an excellent
process whereby we were able to hear from business leaders and concerned citizens. We heard statistics
and we heard stories, some of them heartbreaking. There are three indisputable facts that deserve
attention. One is we are in crisis. We are in crisis because the current rate of increase, the current rate of
infection in New Hampshire, in our community in New England and in the United States is much higher
than it was during the initial aspects of COVID. There is better understanding, there are some treatments,
there is hope for a vaccine, but none of that will save us or flatten the curve in the immediate, especially
during this Holiday Season.
Another indisputable fact is that we were to the credit of the Mayor and this Board of Aldermen ahead of the
curve when Nashua took the bold step of requiring masks for adults and recommending them for children.
But it is also now indisputable that we, not just Nashua, but we are behind the curve. | think it is imperative
that something be done. | don’t know that that’s a curfew and | am prepared to discuss with anyone or in
