Special Board of Aldermen 09-28-2020 Page 17
many existing Nashua taxpayers will be paying for this project? Can anyone answer that question? How
many existing Nashua taxpayers will be paying for this bond?
Director Cummings
If | may Mr. Chairman, if | am understanding the question correctly how many existing Nashua taxpayers
would be paying for the $5.5 bond, the TIF bond, the answer is none of the existing Nashua residents will
be paying for it. It will be solely supported by the future tax dollars of the School Street Development.
Alderman Clemons
Thank you.
Chairman Dowd
OK, all set Alderman Clemons? Alright, Alderman Lu did you have a follow up or is it something that would
wait for the Budget Meeting. We can’t hear you. It says your phone is on mute.
(Technical issues)
Alderwoman Lu
Oh, can you hear me now?
Chairman Dowd
| can hear you, yes.
Alderwoman Lu
Well that question, | mean you don’t really know. | mean how can you answer that question as “none of
them”. Because people that will be paying for the bond are people that own the property going forward.
They may be the same people, they may not. But how can you say, no one, none of the current owners
will. So to me that answer doesn’t make sense, so could you help me understand it?
Chairman Dowd
Director Cummings?
Director Cummings
Yeah if | may, Mr. Chairman, | think the question specifically was “existing residents/existing taxpayers”
and so that’s one. And then two, the whole purpose of a TIF is to be able to isolate the expenses of a
certain capital project, typically. And be able to segregate it and then use the revenue stream available,
typically a future project, that allows for an increment to be created to then be dedicated to pay for said
expense which means that the project itself or the development itself or the property itself that is subject to
the TIF would then be able to finance the bond that’s authorized.
Alderwoman Lu
Can | follow up?
