Minutes

A Special Meeting of the Board of Aldermen was held Tuesday, September 21, 2021, at 7:01 p.m. in the Aldermanic
Chamber and via Zoom teleconference which meeting link can be found on the agenda and on the City’s website
calendar.

President Lori Wilshire presided; Deputy City Clerk Allison Waite recorded.

Prayer was offered by Deputy City Clerk Allison Waite; Alderman Ernest Jette led in the Pledge to the Flag.

Let’s start the meeting by taking a roll call attendance. If you are participating via Zoom, please state your presence,

Special Board of Aldermen 09-27-2021 Page 4

R-21-169

AUTHORIZING THE CITY OF NASHUA TO ENTER INTO AN AGREEMENT AND CONSENT TO JOINT USE
WITH LIBERTY UTILITIES AND MAKING A SUPPLEMENTAL APPROPRIATION OF $38,394

TESTIMONY IN FAVOR
Andrew Mills

Special Board of Aldermen 09-27-2021 Page 3

John Griffin, CFO

We noticed it late this afternoon and tried to contact the legislative office but we thought we'd be able to explain it
here. So there really isn’t any need to have a agree and disagree for 164.

Chairman Dowd
So we only need a public hearing on 168 and 169?

John Griffin, CFO

Correct.
Chairman Dowd

Special Board of Aldermen 09-27-2021 Page 2

Director Kim Kleiner, Administrative Services

A special meeting of the Board of Aldermen was held Monday, September 27, 2021, at 7:00 p.m. in the aldermanic
chamber as well as via Zoom teleconference.

President Lori Wilshire presided; Deputy City Clerk Allison Waite recorded.
Prayer was offered by Deputy City Clerk Allison Waite; Alderwoman Elizabeth Lu led in the Pledge to the Flag.

To join by Zoom — please refer to the agenda or the website for the meeting link and telephone number.

Financial Feasibility Analysis
STRATEGIES

CONSIDER PAYMENT IN LIEU OF UNITS IN CERTAIN CIRCUMSTANCES

¢ A payment in lieu of units allows for the city to elect to receive a cash
payment to the Housing Trust fund instead of having the units delivered
Payment in lieu strategies oftentimes are used to avoid affordable units
being concentrated in select areas

The approach also is common to alleviate an additional financial burden
when a ‘partial unit’ is calculated

¢ 75-unit development with a 10% IZ requirement = 7.5 units

Financial Feasibility Analysis
STRATEGIES

CREATE SEPARATE THRESHOLDS FOR DOWNTOWN

¢ City priority (from previous plan) is to increase diversity Downtown since
it already has higher share of affordability than other parts of Nashua

¢ Cost to develop housing is higher in Downtown, particularly due to the
need for structured (podium) parking

¢ Th city should consider a lower inclusionary requirement for Downtown
into the near future to continue to promote development while balancing
price diversity citywide

Financial Feasibility Analysis
STRATEGIES

ASSOCIATES INC

TARGET THE ‘MISSING MIDDLE’ IN CURRENT DEVELOPMENT TRENDS

¢ Recent development has focused on 100% affordable housing and
100% market rate housing

* No development has targeted the ‘missing middle’ incomes

¢ The analysis reveals that delivering to this group is financially
challenging and there are no Federal programs to help

¢ Targeting the IZ policy to this cohort creates a stronger continuum

Financial Feasibility Analysis
FINDINGS

ASSOCIATES INC

evelopments target middle income households
(60% AMI to 90% AMI) created unrealistic return expectations.

5

Downtown area market fundamentals are through use of certain incentives... if the City
different than other growth areas. returns to adhering to existing regulations.

Financial Feasibility Analysis ASSOCIATES NC
AFFORDABILITY

Maximum Affordable Rents (Utilities Included)

OTT am ANZ el =) 40% AMI ley NIE 60% AMI Lob ANE 70% AMI 10 ONE 100% AMI | 110% AMI | 120% AMI | 140% AMI ie

Efficiency $711 $889 $1,067 $1,156 $1,245 $1,422 $1,778 $1,956 $2,134 $2,489 $1,779
41BR $829 $1,036 $1,243 $1,347 $1,450 $1,658 $2,072 $2,279 $2,486 $2,901 $1,860
2BR $998 $1,248 $1,498 $1,622 $1,747 $1,997 $2,496 $2,746 $2,995 $3,494 $2,316
3BR $1,154 $1,443 $1,732 $1,876 $2,020 $2,309 $2,886 $3,175 $3,463 $4,040 $2,688