Special Board of Aldermen 09-28-2020 Page 4
operator, Spectacle Management, who operates Performing Arts Centers throughout New England, has
indicated that they can operate this Performing Arts Center on a break-even basis with no subsidy if we
have 750 seats. Also it seemed to make much more sense to bring the Performing Arts Center to the
ground floor rather than on the second floor and have a balcony.
Now what the Performing Arts Center is already demonstrating is that it will help us build a stronger
economy and stronger tax base because it is going to attract private investment. As you stated at the
beginning Mr. Chair, one of the purposes of this bond issue is to build a private parking structure. That’s
ground level parking under what will be the School Street Housing. Now the School Street Housing will be
140 to 150 units of smaller apartments, a little more affordable for many single people or roommate
situations who want to live downtown. The tax revenue generated from the School Street Housing will pay,
not only for the parking structure underneath, but will also cover the cost of the additional bonding we are
seeking for the Performing Arts Center right here.
Tim Cummings is going to report to you how this is going to be arranged in terms of the Tax Increment
Financing District. But the point is that the Performing Arts Center is already helping us attract private
investment and build a stronger tax base because the developer of the School Street Housing, and his
name is Peter Flotz, has told us that the reason he is investing what will be tens of millions of dollars in the
downtown, is because of the Performing Arts Center. Without the Performing Arts Center this project
probably would not have occurred. And this is exactly what we have been talking about. When the City
invests in itself, in this case the Performing Arts Center, it will attract private investment in the downtown.
We know that the downtown is the principal area, one of the primary areas in the City where economic
growth, where a stronger economy can be based.
The Housing Project will pay for not only the 50-space private parking structure, our city parking structure,
but also provide enough funds in terms of its tax revenue to pay for this additional bond. One additional
benefit of the way that these projects are being designed and planned, looking to the future is that the
public parking garage underneath will give us the parking in the neighborhood we need for the small
businesses in the area who have expressed some concern about the loss of parking. As we go forward
with this plan, we will also be able to add many street level parking spaces and in the end suffer very small
loss in terms of overall parking.
So we are confident that the School Street Housing is just the first project that will be attracted into Nashua
as a result of the Performing Arts Center. It’s just the first tax money which will be coming as a result.
Other projects will follow. When we build this stronger tax base, what it means is additional tax revenue for
services that benefit everyone; schools, police, fire, in every neighborhood of our City.
So | think, Mr. Chair, that gives you an overview of the project and what we are going to discuss tonight.
And with that | will turn things over to Tim Cummings, who will discuss a few more of the details.
Chairman Dowd
Director Cummings?
Tim Cummings Director of Economic Development
Yes, thank you Mr. Mayor and thank you Chairman Dowd and through you to the Committee Members. |
am pleased to be here tonight to provide you an update with the Performing Arts Center project. | am
looking forward to tonight’s conversation because it’s been a long time coming. This has been a project we
have all been working on over the last few years and it’s been a combination of many efforts leading to this
evening. So thank you.
| think the first order of business, if | may Mr. Chair, is I’d like to share my screen and just do a quick status
update on where we are at with the project overall. And at a certain point I’d be looking to turn it over to, as
