Business & Industrial Development Authority

Nashua Business and Industrial Development Authority Meeting Minutes April 25, 2014 1. Call to Order and Welcome The regular meeting of the Nashua Business and Industrial Development Authority was called to order at 8:30 a.m. on April 25, 2014 in Room 208, Nashua City Hall by Chairman Jack Tulley. Present: Chairman Jack Tulley , Vice -Chairman Don Zizzi, Heath Gaffney, John Stabile, David Fredette, Jason Haviland, Bradley Vear, Camille Pattison , Karen Tehan, David Denehy via Skype, Alderman Brian McCarthy Other Attendees: Tom Galligani, George Durante, Barbara Pressly, Alderman Ken Siegel, James Vayo, State Representative Mary Gorman 2. Approval of Meeting Minutes from March 21, 2014. MOTION TO APPROVE THE MINUTES FROM THE MARCH 21, 2014 MEETING MADE BY J HAVILAND. MOTION WAS SECONDED BY D ZIZZI AND APPROVED UNANIMOUSLY. 3. Bridge Street Project Update: o J Vayo provided an update on the Bridge Street Waterfront Development site. Highlights included an over view of the market analysis for the Bridge Street site and an update about Renaissance Downtown’s intention to submit an application for Low Income Housing Tax Credits in September/October. J Stabile asked about how much money Renaissance was hoping to raise. J Vayo said $500,000. J Stabile expressed his desire to see an updated pro forma. J Vayo explained that their intention was to submit an application for this round because they may be less competition this year, than in future years. J Stabile asked about how big the round of tax credits was, recalling that he received $1.1 Million for Cotton Mill Square. J Vayo replied that the maximum per project was $800,000 and explained that NHHF wanted to spread the funding around. J Stabile reminded J Vayo that several points are awarded to applicants who submit a letter of endorsement from the Mayor/Board. J Haviland asked J Vayo about how close Renaissance is to their investors. J Vayo replied that they are very close. J Tulley remarked that it sounds like we will not know if there is a deal until 4th quarter. The BIDA posed several questions to J Vayo for him to respond to by the next BIDA meeting. The questions were as follows: When can we see an updated pro forma? How close are you with your investors and do tax credits push this project into a viable stage? What is the latest schedule? What is the planned level of equity investment by Renaissance? What sort of return will the investors seek (20%)? J Stabile commented that there is a grand opportunity today that might be lost. There are healthy cap rates and apartments work right now. He continued that there needs to be some sense of urgency because there are other developers who would come in and get this project done. D Zizzi concurred that there are others waiting for this opportunity.  C Pattison asked if there were any developments with the skate park. T Galligani replied that there was no new news. 4. R-14-003 Regarding Downtown Residential Development – High Street Parking Lot o J Tulley expressed his desire to have the RFP cover a broader geography. D Zizzi recommended that the BIDA outline a process and identify key project components, such as where the study area is, what the boundaries are, and how it will connect the Broad Street Parkway to Main Street. Alderman McCarthy asked if we still need Water Street. D Zizzi thought that it would be in the BIDA’s interest to identify the ownership and uses of the property within the area around High Street. This should be compiled into a spreadsheet and strategic property owners should be met with. J Stabile asked how other communities get this process completed. D Zizzi responded that they dedicate staff time or hire consultants, but the first step is to define the study area and define the needs of the area. He also noted that the committee process tends to be the slowest approach. J Stabile asked Alderman McCarthy if the Board of Aldermen would be willing to create a plan. Alderman McCarthy stated that they were more interested in the long term impact of the site. C Pattison added that the BIDA should draw up a one page strategy for how to approach this RFP. Alderman Siegel exclaimed that there was a problem with the property – there is no access to parking. D Zizzi asked if there was a way to get information about the study area, including an inventory of uses and building heights. K Tehan remarked that she knows many of the tenants and property owners in the area and would be happy to help out. 5. Next Meeting Date Meeting was adjourned at 9:15 a.m. The next general meeting will be at 8:15 a.m. on May 16, 2014 in City Hall Room 208. Minutes submitted by: T Galligani