Finance Committee - 5/16/2018 Page 2
MOTION BY ALDERWOMAN KELLY TO ACCEPT, PLACE ON FILE AND AWARD THE CONTRACT TO
FULL CIRCLE CONSULTING IN THE AMOUNT OF $25,000. FUNDS ARE AVAILABLE
IN DEPARTMENT 183, ECONOMIC DEVELOPMENT; PAC FEASIBILITY STUDY
ON THE QUESTION
Alderman Caron
Could you explain what this $25,000.00 is going to go for. | did go through it quickly but give us some feedback
on this study, please.
Tim Cummings, Director Economic Development
Yes, again for the record my name is Tim Cummings, | am the Director of Economic Development for the City.
Under my office’s purview we are charged with executing on the performing arts center project and contingent
on the construction of the performing arts center, we have to capitalize an endowment fund of $4 million
dollars. This is the first step in trying to move that aspect of the project forward where we will be looking to do
essentially a feasibility study and assessment on how much money we can raise from direct private
contributions. This is standard practice in standard practice in capital campaign type of efforts. We went out
and did an RFP to 18 vendors, all within the northeast.
We received zero submissions officially, however, one of the vendors that we did submit an RFP to did happen
to come back to us and respond once we had a conversation. That is Betsy McNamara of Full Circle
Consulting. We had a good conversation and she ultimately recommended we do a phased approach where
we do the assessment and then we enter into a second phase type of contract where there would be the
execution of the campaign; that wouldn’t come until later on this summer. The funds are available through
Downtown Improvement Committee, it was recommended by the Committee at their previous meeting. | am
here before you to get the endorsement of this contract so we can move forward. Thank you.
Alderman Caron
So this is the money that the Downtown Committee approved for you to do this?
Mr. Cummings
Correct.
Alderman Caron
Ok | was just, because | couldn't see it, and | didn’t want to ask ... but | appreciate this. Do we have any idea if
the private sector has collected any money towards this $4 million dollars?
Mr. Cummings
| can answer that question Mr. Chair if | may. Yes | actually spoke to Lisa Bissonnette earlier today, she is the
president of City Arts Nashua. Earlier this year they had a fund raising event where a portion of those
proceeds are being dedicated to this.
Alderman Caron
Thank you very much.
