Minutes

Special Board of Aldermen Public Hearing — 12/16/2019 Page 23

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Special Board of Aldermen Public Hearing — 12/16/2019 Page 21

Mr. Teeboom We just heard of Burke Street earlier that you are going to take the Burke Street property, almost $4
million and apply that structure to $10 million dollar building, why aren’t you doing that? Instead of getting all
hunked about these fancy buildings, start looking at the question that is not on this question list, again, can we
afford it?

Chairman Dowd
Any one else that wants to speak in opposition. Please state your name and address for the record.

Special Board of Aldermen Public Hearing — 12/16/2019 Page 20

Chairman Dowd
Is that another question?

Mr. Teeboom Yes because that’s a first year payment on this debt, $8.9 million; is the debt going down by $8.9
million.

Chairman Dowd
Treasurer Fredette?
Mr. Fredette

Special Board of Aldermen Public Hearing — 12/16/2019 Page 19

Mr. Lee

So the question is, to what level of what detail has the cost estimates been done and that is actually a great
question for Harvey but Harvey Construction has put together a very, very detailed estimate of materials, quantities
and labor units to develop the cost based on their experience in building schools. It is a very, very detailed
breakdown.

Special Board of Aldermen Public Hearing — 12/16/2019 Page 18

Special Board of Aldermen Public Hearing — 12/16/2019 Page 17

So with this rate of decline of students, 35% less students we will have over the course of 25 years which is about
the life of the bond. So we won’t need one out of the 3 schools. So! am sure there is a reason to do some of this
work and | am not opposed to it but | think we are not doing our due diligence before we run and bond. It is the
process, it is the process, itis the process. Thank you.

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Special Board of Aldermen Public Hearing — 12/16/2019 Page 14

R-19-191 - AUTHORIZING THE MAYOR AND CITY TREASURER TO ISSUE BONDS NOT TO EXCEED THE
AMOUNT OF ONE HUNDRED AND EIGHTEEN MILLION DOLLARS ($118,000,000) TO FUND
THE DESIGN AND CONSTRUCTION OF A NEW MIDDLE SCHOOL AND RENOVATIONS AND
EXPANSION OF THE EXISTING TWO MIDDLE SCHOOLS (PENNICHUCK AND
FAIRGROUNDS), INCLUDING THE PAYMENT OF COSTS INCIDENTAL OR RELATED
THERETO

Harriman & Harvey gave a brief overview of R-19-191 before hearing public testimony.

Chairman Dowd