Business & Industrial Development Authority

Nashua Business and Industrial Development Authority Meeting Minutes March 18, 2010 1. Opening: The regular meeting of the Nashua Business and Industrial Development Authority was called to order at 8:30 am on March 18, 2010 in the Auditorium by Brad Vear. Present: Brad Vear, Jason Haviland, Stephen Michon, John Stabile, Dean Jackson, David Fredette Absent: Chairman Jack Tulley, Vice Chair Don Zizzi, Carl Andrade, Donnalee Lozeau Other Attendees: Julie Walker, Tom Galligani Brad Vear acted as Chairman for the meeting in Chair Tulley’s absence. 2. Approval of Meeting Minutes of February 17, 2010. MOTION TO APPROVE THE MINUTES FROM FEBRUARY 17, 2010 MADE BY JASON HAVILAND. MOTION WAS SECONDED BY JOHN STABILE AND APPROVED UNANIMOUSLY. 3. Election of Officers It was noted that since neither the Chair nor Vice Chair was in attendance the election of officers would take place at the next meeting of the BIDA. 4. Bridge Street Waterfront Redevelopment Project T Galligani provided a brief update on the status of the project and covered material listed in a letter sent to the BIDA from Renaissance Downtowns. o Traffic Study: Stated there was a meeting with Kathy Hersh, Roger Houston, DPW Staff, Steve Dookran, Tom and Renaissance Downtowns via conference call in February that began the process of identifying the scope of traffic studies. Renaissance has also hired a company to do the market study. o CSO Relocation Study: Tom G stated that a feasibility study has been completed by Hayner Swanson for the CSO. City Engineer Steve Dookran is reviewing it. T Galligani suggested that the Bridge Street Sub Committee meet in the near future to see a presentation of the draft report and give their feedback to the consutlants. J. Stabile asked for an update on the Shoreline Protection Act Urban Exemption Request. T Galligani conveyed that the Urban Exemption does not extend to the Bridge Street site. Staff is working to identify other possible exemptions for which the site may qualify. Page 1 of 2 B Vear asked for T Galligani to request from Renaissance, the engineering proposals showing scope and cost for both the traffic consultant and the market study consultants. Also, request a summary of funds, expended to date and an estimated budget for the future. It is hoped that Renaissance Downtowns can provide this information for the next BIDA meeting. 5. Mohawk Tannery Update T Galligani stated that there is no change to the status of the project. The City has spoken with the NH congressional delegation about an appropriations request that would be used to demolish the site and undertake groundwater studies. 6. Other Opportunity Areas T Galligani stated that staff is preparing an application to create an Economic Revitalization Zone to cover the commercial/industrial areas of Amherst Street and Northeastern Blvd. T Galligani spoke about the Greater Nashua Revolving Loan Fund. He described how the City is required to update is RLF Plan and Operation Manual every five years. The City is now in the process of revising the RLF Plan. Stated that the RLF Loan Committee is working on getting feedback from BIDA members about the current state of lending in the region and which firms and industries should be targeted in the future. J Stabile inquired about the status of a request made to the City Attorney about the legal responsibility of the BIDA relative to the Revolving Loan Fund. T Galligani indicated that the legal department has not had a chance to complete their analysis. J Stabile suggested that T Galligani prepare a letter from the BIDA to the City Attorney seeking an update. T Galligani stated that the Mayor will be holding a Business Forum in April regarding development opportunities in Nashua and some members of the BIDA will be invited. 7. Adjournment: Meeting was adjourned at 9:15 am by Brad Vear. The next general meeting will be at 8:15 am on April 15, 2010 in the Auditorium. Minutes submitted by:Julie Walker Revised by Tom Galligani Page 2 of 2  Greater Nashua Revolving Loan Fund Targeting the Fund o Economic Development Administration requires the Fund manager to update the RLF Plan o The RLF Plan outlines how the Fund is operated day-to-day and what types of industries the Fund targets its resources o The Greater Nashua Revolving Loan Fund is currently updating the RLF Plan o The original 1994 Application to the Economic Development Administration Identified the following targeted industry and firm types: General Targets o technology-driven startups; o small to medium sized existing companies Specific Targets o tech oriented startups (25% to 33%) o locally-owned firms (larger firms can be assisted through larger-scale, state supported financial assistance programs) o firms under 100 employees o “traded sector” firms (manufacturing and business services firm) o Over the past few years, the Fund has evolved. Currently, the Fund targets and excludes the following types of businesses: General Targets: o firms in technology-based industries; o firms in manufacturing industries; o small and medium-sized firms (less than 100 employees); o local firms (existing Nashua area firms or those moving to Nashua) Page 1 of 3  Excluded Businesses o Non-profit organizations; o Non-owner occupied o Lending institutions; investment real estate; o Gambling institutions; o Restaurants; o Retail shops o The current loan portfolio includes the following mix of businesses: o 3 manufacturing firms; o 3 technology firms o 7 firms considered in the “traded sectors”, in that they bring new wealth to the Greater Nashua region o 2 business services firm o 3 consumer services firms o all loans were made to local companies o all loans were made to small businesses o Future loan fund targets? o The local economy is facing a similar credit crunch to what occurred in the early 1990s o The Fund is reaching out to the local banking community in an attempt to identify gaps and opportunities o The Fund is reaching out to state and regional lenders in an attempt to identify gaps and opportunities o Should the target of the RLF change? o Should the target expand? 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