R-20-094
RESOLUTION
OMNIBUS RESOLUTION REGARDING NEW MARKETS TAX CREDIT
TRANSACTION FOR THE PERFORMING ARTS CENTER
CITY OF NASHUA
In the Year Two Thousand and Twenty
WHEREAS, the Board of Aldermen passed R-18-001 “Authorizing the Mayor and City
Treasurer to issue bonds not to exceed the amount of fifteen million five hundred thousand
dollars ($15,500,000) for the Performing Arts Center located at 201 Main Street” on February
13, 2018:
WHEREAS, R-18-002 “Authorizing the purchase of land and buildings at 201 Main
Street (Map 81, Lot 3) for the Performing Arts Center” was passed by the Board of Aldermen on
February 13, 2018;
WHEREAS, 201 Main Street (Map 81, Lot 3, also known as 78-84 West Pearl Street)
was conveyed to the City on March 13, 2018 by warranty deed recorded in the Hillsborough
County Registry of Deeds at Book 9056, Page 685 (together with improvements, “201 Main
Street”);
WHEREAS, the Board of Aldermen passed R-18-092 on December 11, 2018, which
amendment allowed borrowing for the design of the project prior to the raising of $4,000,000 in
private funds, including New Markets Tax Credits, for the new Performing Arts Center;
WHEREAS, R-18-092 allows New Markets Tax Credits as a potential source of private
funding to meet the $4 million threshold to bonding;
WHEREAS, R-19-133 authorizing the Mayor to enter into a Memorandum of
Understanding with Spectacle Management, Inc. regarding the future operation of the
Performing Arts Center was passed on April 23, 2019;
WHEREAS, R-19-136, passed by the Board of Aldermen on June 11, 2019, authorized
the formation of up to two (2) voluntary, nonprofit corporations under RSA Chapter 162-G:15
and Chapter 292:1 to be part of the transaction structure of a potential New Markets Tax Credit
sub-allocation for the Performing Arts Center;
