Minutes

Special Bd. of Aldermen — 05/20/2019 Page 14

Special Bd. of Aldermen — 05/20/2019 Page 13

So you don’t need an endowment fund so whatever money is collected here should be thrown into the
construction job. But you cannot ask these architects to make up a $10 million dollar deficiency.

Special Bd. of Aldermen — 05/20/2019 Page 12

Special Bd. of Aldermen — 05/20/2019 Page 11

Mr. Cummings

Correct.

Mr. Teeboom Well one more question, | thought the RSA that this whole scheme is based on, with these two
corporations that you are forming was for low income areas. Is that incorrect.

President Wilshire
That's true.
Mr. Teeboom Well since when is downtown a low income area.

Mr. Cummings

Special Bd. of Aldermen — 05/20/2019 Page 10
Mr. Cannon

Special Bd. of Aldermen — 05/20/2019 Page 9
Mr. Teeboom Against the building?

Mr. Cannon

Against the building as improved. Yes.

Mr. Teeboom $14 million dollars against a $2 million dollar building, who is going to do that loan?

Mr. Cannon

No, no no, the building when improved will be valued at ...

Mr. Teeboom Oh when it’s improved.

Mr. Cannon

When it is improved.

Special Bd. of Aldermen — 05/20/2019 Page 8

spent and you spend another million, $1.7 | think already spent or allocated to the architecture firm, that is not
down to $10.4. How did you come up with the $10.4 million?

Mr. Cannon

The total project cost is over $19 million.

Mr. Teeboom ’ll get to that a minute. I’m talking how did you come up with the $10.4 million?
Mr. Cannon

Special Bd. of Aldermen — 05/20/2019 Page 7
Mr. Teeboom Something about transferring the property to $2 million dollar building to one of these
corporations?

Mr. Cannon

One of these corporations, the QALICB, Organization B will purchase the building the building for $2 million
dollars.

Mr. Teeboom How can the City of Nashua by the Master, it will no longer own the buildings.

Mr. Cannon

That’s the point. It will be a tenant of the QALICB.

Mr. Teeboom_ Ok so Nashua is going to be a tenant.

Mr. Cannon

Special Bd. of Aldermen — 05/20/2019 Page 6

Mr. Cummings

Special Bd. of Aldermen — 05/20/2019 Page 5

Mr. Cummings

This one over here.

Alderman Harriott-Gathright

The one over there in the white?

Mr. Cummings

Yep, this one is the non-profit charitable organization which would be the 501(c)3, | mean of course these
groups probably would be happy to take your money but you wouldn’t get your tax deduction | think you’d be
looking for.

Alderman Harriott-Gathright

Ok that’s my question.

Mr. Cummings