LEGISLATIVE YEAR 2020
RESOLUTION: R-20-002
PURPOSE: Relative to the acceptance and appropriation of $294,000 from
the Community Development Finance Authority into Capital
Project Grant Activity “Investment Tax Credit Program for
the Performing Arts Center”
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: Fiscal impact is a $294,000 grant to be used for a specific
purpose.
ANALYSIS
CERTIFICATE OF THE CLERK OF CITY OF NASHUA
, 2020
The undersigned, Sue Lovering, hereby certifies as follows:
1. The undersigned is the duly appointed City Clerk of City of Nashua, New Hampshire., a
municipal corporation (the “City”).
2. The undersigned hereby certifies that Jim Donchess, Mayor of the City, is authorized to execute
binding agreements on the City’s behalf upon Approval of the Board of Aldermen, including
without limitation the Community Development Finance Authority Investment Tax Credit
Program Contract.
7.3. Compliance Requirement: Notwithstanding the conditions set forth in previous
sections, CDFA shall not make any disbursement of grant funds unless, at the time of such
disbursement, Grantee is in full compliance with all terms and conditions of this agreement,
and the making of such disbursement of Grant funds {i} will not violate any provision of law,
regulation, or administrative ruling to which CDFA is subject; (ii) will not subject CDFA to any
tax, penalty, or fine; and (iii) will further the purposes of CDFA. Failure to meet the terms of
Project’s progress including the items proposed in the Outcome Measures narrative section of
the application. This report is to be submitted to CDFA on an annual basis, no later than July
31 of each year. CDFA may not disburse tax credit funds being held for the Project until this
report is received. The report shall be submitted through the Status Reports component on
CDFA’s Grant Management System.
Performance Outcomes:
Grantee shall provide the following as they pertain to this Project:
6.1.1 Total number of unduplicated persons served.
4.12.1 CDFA does not require worksite signage be erected for
construction/renovation projects; however, if a sign is erected the CDFA logo must be
included. CDFA logo may not be any smaller than 50% of the size of the largest logo
displayed.
4.12.2 Organizations using websites to solicit tax credit purchases must include
the CDFA logo and a link to the CDFA website.
4.12.3 If none of these are applicable or feasible, an alternative display of the
CDFA logo or public recognition agreeable to CDFA.
4.6 Indemnification: CDFA’s only obligation shall be to release funds to the Grantee in
accordance with the terms of this Contract. CDFA shall have no liability with respect to the
property, the Project, or the renovation, development, construction or operations
contemplated by the Project, and Grantee agrees to indemnify and hold harmless CDFA, its
officers and employees, from and against such cost, loss, damage, or liability suffered by the
Grantee and any and all claims, liabilities or penalties assessed the Grantee to the extent
2.3 Early Pledge Fulfillment: Donors may fulfiil Pledges at any time prior to the due date
agreed to in the Pledge Agreement. Donors will be issued tax credits for the SFY approved by
CDFA for that project.
2.4 Non-Collusion Requirement: The Grantee acknowledges that executed Pledge
Agreements will require that the Donors not enter into any agreement or other arrangement
with the Grantee or any other party to recoup, or in any way be reimbursed for, the pledged
tax credit funds that do not qualify for a tax credit.
Community Development Finance Authority
Investment Tax Credit Program Contract
Award No. 20-133-CDIP-CDED1
1. Project Allocation, Purpose, and Description
1.1 Project Award: City of Nashua (Grantee) is awarded $367,500 (the “Award”) in
Community Development Finance Authority (“CDFA”) Investment Tax Credit Program funds for
the Nashua Performing Arts Center project (the “Project”), with a net total to the Project
(after the standard 20% CDFA program fee) of $294,000 (the “Grant”).
R-20-002
RESOLUTION
RELATIVE TO THE ACCEPTANCE AND APPROPRIATION OF $294,000 FROM THE
COMMUNITY DEVELOPMENT FINANCE AUTHORITY INTO CAPITAL PROJECT
GRANT ACTIVITY “INVESTMENT TAX CREDIT PROGRAM FOR THE
PERFORMING ARTS CENTER”
CITY OF NASHUA
In the Year Two Thousand and Twenty
LEGISLATIVE YEAR 2020
RESOLUTION: R-20-001
PURPOSE: Second amendment to 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”
SPONSOR(S): Mayor Jim Donchess
Alderman-at-large Lori Wilshire
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: Same as R-18-001
ANALYSIS
