NMTC Update
e Mascoma Community Development has given us a verbal commitment of
approximately $2.8 million, which translates into approximately $2.5 million
e This commitment is conditioned upon closing the transaction this year.
Overall Financing Plan
Sources
Nashua Bond Proceeds $15.50
TIF Bond Proceeds $ 5.50
Local Capital Campaign $ 1.60 $4.0 million
New Market Tax Credit $ 2.40
$25.0 million
Sources
Fundraising Update
The Capital Campaign Committee has been working diligently despite the
tough times we are in they are able to report:
Raised to Date: $1,523,00 64% of the goal raised!
Ready to Go Public Now! (to get to $2.5 million)
PERFORMING ARTS CENTER
OVERALL PROJECT STATUS UPDATE
September 28, 2020
Design
e The design is complete!
Over summer, the design was finished and 100% of Construction
Documents were transmitted to Harvey for cost estimates.
Cost Estimates
e Harvey has not just estimated, but has secured bids
Bids were due just last week and they are currently being evaluated and
refined.
e Total Project Cost is just under $25.0 million
e Weare on track to make our target budget of $15.8 million
Special Board of Aldermen 09-28-2020 Page 29
Testimony in Favor - None
Testimony in Opposition - None
Testimony in Favor - None
Testimony in Opposition - None
President Wilshire closed the public hearings on R-20-071 and O-20-030 at 8:47 p.m.
ADJOURNMENT
MOTION BY ALDERMAN O’BRIEN TO ADJOURN, BY ROLL CALL
A viva voce roll call was taken which resulted as follows:
Special Board of Aldermen 09-28-2020 Page 28
do something to make things easier for the people who are making the greatest sacrifices for other people
to have houses. So that’s my remarks. Thank you.
Chairman Dowd
Thank you. Is there anyone else that would like to speak in opposition to R-20-0717?
Mr. Keating Faustin was going to speak.
Chairman Dowd
Yes | see he has his hand up, name and complete address please?
Special Board of Aldermen 09-28-2020 Page 27
they found that our Mayor would build a garage for them on the Nashua taxpayer’s dime. This clearly
shows that the Mayor and the City Officials don’t care what Nashua taxpayers actually want. $31 million
dollars for a PAC and $2,500,000.00 for a garage is not what we want. | oppose both projects. Thank you.
Chairman Dowd
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Special Board of Aldermen 09-28-2020 Page 25
Street and DW Highway, big box stores and chain restaurants. | want it to be more so | think the question
is really important, it’s really can we not afford to invest in this type of endeavor. Thanks.
Chairman Dowd
Thank you very much. OK Director Cummings, we know you want to speak in favor of it.
Director Cummings
Special Board of Aldermen 09-28-2020 Page 24
say the arts are a positive experience in a troubled world. And 67% of Americans believe the arts unify our
communities regardless of age, race, and ethnicity. So I’d just like to say that yes | have been supporting
this project from Day 1, I’ve been on the Steering Committee and I’m on the Capital Campaign Committee
as well as Nashua Community Arts and | think all of our efforts are well worth this and we are all
passionate about it and we hope that you will vote in favor of this tonight. Thank you.
Special Board of Aldermen 09-28-2020 Page 23
Rich Lannan Yes Chair | have a question if it is ok. | received an e-mail just as the meeting started from a
Nashua resident that was planning on speaking. It’s short if it is OK to read his e-mail into the meeting
minutes.
Chairman Dowd
Sure, you want to give his name and address.
Rich Lannan Sure | will do that, that’s how he started it, so he made it very clear, he may have e-mailed it
to the Board of Aldermen because it does say:
