R-20-071
RESOLUTION
AUTHORIZING THE MAYOR AND CITY TREASURER TO ISSUE BONDS
NOT TO EXCEED THE AMOUNT OF EIGHT MILLION DOLLARS ($8,000,000) FOR
TWO CONTSRUCTION PROJECTS, CONSISTING OF A PUBLICLY ACCESSIBLE
GROUND LEVEL PARKING GARAGE ($2,500,000) AND ADDITONAL FUNDING
FOR THE PROPOSED PERFORMING ARTS CENTER ($5,500,000)
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, 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 Market Tax Credits, for the new performing arts center.
WHEREAS, the Board of Aldermen passed R-20-001 on February 2, 2020, which
amended the time period on the expiration date of the Performing Arts Center project bonding
authority until August 31, 2021 as it is relates to the additional $4,000,000 to be raised.
NOW THEREFORE BE IT RESOLVED by the Board of Aldermen of the City of
Nashua that the Mayor of the City of Nashua and the City Treasurer of the City of Nashua are
hereby authorized to issue and sell general obligation bonds of the City in an aggregate principal
not to exceed two million five hundred thousand dollars ($2,500,000). The proceeds of said
bonds shall be used for the construction of a publicly accessible ground level parking garage to a
proposed 146 unit multi-family apartment project on a City owned parking lot, which would
include an area for parking (approximately 48-50 spaces), a minimum amount of lobby and
amenity space, fire stairs landing at grade from the building above, and mechanical spaces so
serve the building with power, water, and other infrastructure. The useful life of the
improvements is twenty-five years.
