Board Of Aldermen

26, Mascoma

Oe? COMMUNITY

DEVELOPMENT

PROJECT NAME
EXECUTIVE SUMMARY TERM SHEET
DATE: October 14, 2020

This non-binding executive summary term sheet summarizes the principal terms and conditions
with respect to a potential Qualified Equity Investment (“QEI”) into Subsidiary Community
Development Entities (“Sub-CDE”) and its subsequent Qualified Low-Income Community
investment (“QLICI”’) in 201 Main Street Real Estate Corp a Qualified Active Low-Income
Community Business (“QALICB”).

NASHUA PERFORMING ARTS CENTER

TABLE 2: DEAL DIAGRAM/FLOW OF FUNDS

[TOTAL PROJECT COST:

$ 25,000,000 |

Additional Bond Proceeds
$ 13,891,150

Principal

CITY OF NASHUA jo — 20,240,800 BOND
$ 13,131,950 | $ 7,108,850 [Debt Service PURCHASER
Debt Sefvice Payments
Loan
SENIOR LEVERAGE LENDER Lean
7,108,850.

201 Main Street Financing Corp.

Annual Interest
Payments

Payments

LEGISLATIVE YEAR 2020

RESOLUTION: R-20-094

PURPOSE: Omnibus Resolution Regarding New Markets Tax Credit
Trans action for the Performing Arts Center

ENDORSERS: Mayor Jim Donchess
Alderman-at-Large Lori Wilshire

COMMITTEE
ASSIGNMENT:

FISCAL NOTE: Anticipated New Market Tax Credits revenue of $2,446,000
for the Performing Arts Center

ANALYSIS

This resolution authorizes the many and varied contracts and transactions necessary to close the
New Markets Tax Credit transaction for the Performing Arts Center.

Approval 4:

Approval 5:

Approval 6:

Approval 7:

Approval 8:

Approval 9:

R-20-094

A) Authorizing a loan to 201 Main Street Financing Corp., in an amount not to
exceed $8,000,000, to be documented consistent with the requirements of the
New Markets Tax Credit program;

B) Authorizing payment to 201 Main Street Real Estate Corp. or a controlled
affiliate thereof, in an amount not to exceed $14,000,000; and

R-20-094

WHEREAS, R-20-087 authorizing assignment of the Community Development Finance
Authority grant to Nashua Community Arts had its first reading on October 27, 2020;

WHEREAS, the two voluntary corporations have been formed and are 201 Main Street
Real Estate Corp. and 201 Main Street Financing Corp.;

WHEREAS, a New Markets Tax Credit sub-allocation has been made available, subject
to closing, for the Performing Arts Center by Mascoma Community Development, LLC, an
affiliate of Mascoma Bank;

R-20-094

RESOLUTION

OMNIBUS RESOLUTION REGARDING NEW MARKETS TAX CREDIT
TRANSACTION FOR THE PERFORMING ARTS CENTER

CITY OF NASHUA

In the Year Two Thousand and Twenty

WHEREAS, the Board of Aldermen passed R-18-001 “Authorizing the Mayor and City
Treasurer to issue bonds not to exceed the amount of fifteen million five hundred thousand
dollars ($15,500,000) for the Performing Arts Center located at 201 Main Street” on February
13, 2018:

EXH I B IT K 10 Harvey Road
HARVEY blr

F; (603) 658-0388
harveycosstructlon.cort
Project Noykue Performing Art Center Date Oct, 19,2020
Lecative: Nashua, NE
Holue Engineering Log

1; Ace
Extimeted Cost 2: Ret Accepted Lies | Rejected Jregs | Techedhs items
3:Tat

Ort 1,

Oct, 19, 2020
Ort.

Oct

FEE Oet
Mowe VIP

This Hirick for Srisepenr! Fiber Cement Pane] Oct. 19, 2628
3500 LB Hievator

S/S] 8: 18/8] S/ 9/8

THE CITY OF NASHUA
DOWNTOWN PERFORMING ART CENTER
NASHUA, NEW HAMPSHIRE
VALUE ENGINEERING MATRIX
EXHIBIT “K”

10/20/2020

The GMP amount is based on the contract documents and the attached Value
Engineering Matrix. The items listed as accepted have been incorporated into the GMP
Estimate attached as Exhibit H.

See attached

a en ee ee ee ee ee ee er ee ee, ee ee ee ee ee ee ee ee ee ee ee ee

LEED Certification

Municipal Impact / Connection Fees

Sewer Impact Fees

Water Meter Fees

Geotechnical Services & Monitoring Fees

Industrial Hygienist Fees

Electronic Documents Fees

Commissioning Agent Fees

F.F.&E. — unloading, uncrating, disposal of crating and installation
Cost associated with Eversource or National Grid rebate program
Cost to dispose contaminated ground water

Removal of Ledge and boulders over 2 cy in size.

THE CITY OF NASHUA
DOWNTOWN PERFORMING ART CENTER

NASHUA, NEW HAMPSHIRE
EXCLUSIONS
EXHIBIT *J”
10/20/2020

The following is a list of exclusions to Harvey Construction’s GMP:

Design Contingency

Recent Tariffs

Construction Testing, Air Quality Testing
Sidewalk closure fee, sidewalk encumbrance fee
Winter Concrete or Masonry

Purchase CADD Files

Purchasing Construction parking spaces
Clerk's Office

Unsuitable soils

Lightweight or Architectural Concrete