Business & Industrial Development Authority

Nashua Business and Industrial Development Authority Meeting Minutes March 20, 2015 1. Call to Order and Welcome The regular meeting of the Nashua Business and Industrial Development Authority was called to order at 8:20 a.m. on March 20, 2015 in City Hall Conference Room 208, by Chairman Jack Tulley. Present: Mayor Lozeau, Vice Chairman Heath Gaffney, Jason Haviland, John Stabile, Camille Pattison, David Fredette, Mark Prolman, Brad Vear, and Tom Galligani Other Attendees: James Vayo (Renaissance Downtowns) and Beth Hamilton 2. Approval of Meeting Minutes from February 20, 2015 MOTION TO APPROVE THE MINUTES PENDING CORRECTION TO C PATTISON’S NAME AND ADDITION OF B VEAR AS PRESENT AT THE FEBRUARY 20, 2015 MEETING MADE BY B VEAR. MOTION WAS SECONDED BY H GAFFNEY AND APPROVED UNANIMOUSLY. 3. Developer’s Forum Update T Galligani gave a brief update of the planning of the Developer’s Forum. He mentioned the article on the front page of the newspaper on March 19, 2015 that was a feature story about the upcoming Developer’s Forum. The article inspired several phone calls made to T Galligani asking to participate. B Vear also sent T Galligani an update for the NAIOP group and they are holding a bus tour of Boston suburbs on May 19th, the date the BIDA chose for the Nashua bus tour. T Galligani suggested May 28, 2015 and June 2, 2015 as other options. A list of potential invitees was sent around to the members, with requests to add and delete according to their own known contacts. It was suggested that we utilize lists at particular professional organizations like NAOPP or NEREJ. Several members suggested that we keep the audience focused on developers, not construction companies. The Office of the Mayor – Economic Development will put together a website and a booklet of information that includes details about each site to be visited. Some BIDA members suggested including information about potential projects including the Broad Street Parkway, the traffic solution at Bridge Street, the potential Performing Arts Center location, and the potential commuter rail locations. 4. Bridge Street Project Update Ryan Porter from Renaissance joined the meeting via phone call. He gave an update on recent activity including James Vayo and Tom Galligani attending the LOCUS Meeting in Boston. It was a conference for multi-family and mixed use industry leaders. It was a great way to feature Nashua as a site for development. 1 BIDA members asked questions about the price per square foot in condo units as opposed to rental units. James Vayo brought an informational sheet, attached at the end of the minutes. J Stabile gave Ryan Porter a contact in hopes of finding capital investors for the project. Renaissance suggested the best way to get investors on board is by focusing on the commuter rail to close the gap between what is currently available in the neighborhood and what could be achieved as market rate. Discussion came up about zoning the area as a transportation-oriented district which would allow for more dense development within in area of the train station. James Vayo gave a brief overview of attending a recent REDC Visioning Session that made him more aware of other funds that could assist in the project. That it might possibly be a CEDS site. Renaissance made a statement that they would continue to work diligently until a decision is made whether it is market rate or otherwise. They are open to exploring new options as condos or mixed use space. Renaissance will make a full presentation in May that will look at all possibilities and what the estimated numbers would be for each possibility. Following Ryan’s discussion, several BIDA members discussed the need to find a solution. J Stabile expressed that with historically low interest rates, if a solution isn’t identified in the next few months, it may not happen. The Mayor reminded the membership that the City shouldn’t support a new solution just for the sake of finding a resolution. It needs to be the right kind of project for Nashua. She reasoned that this area of the City, despite our efforts over the past eight years, may not yet be ready for the type of project that we envision. The investment community appears to be signaling that. While the introduction of commuter rail to Nashua will definitely change the dynamic of the area, it may require construction of the roundabout before development becomes viable. She expressed her pride for the efforts of the BIDA to make substantial strides to prepare the site up to this point. BIDA championed a zoning change to allow mixed-use development on this site. They initiated environmental testing to help erase development concerns. They attracted Renaissance Downtowns to work with the City and BIDA to develop a clear vision for the site as one that could help connect people to the riverfront with trails, housing, retail and a riverfront restaurant. The BIDA also advocated that future economic potential be considered as the City planned to build Waste Water’s CSO Screening and Disinfection Facility. BIDA’s efforts prompted a redesign that ultimately placed the facility underground, preserving the Bridge Street site for a better development. This redesigned CSO facility saved the City $4 million. B Vear, J Stabile, and T Galligani agreed that the May presentation by Renaissance to the BIDA would be an important milestone. By that point, Renaissance and the BIDA should have a clear understanding about what is viable, possible and likely. Discussion focused on finding a reasonable solution whether that may be an extension, revisiting the project or creating a defined time period for completion. 2 5. Other Business The Mayor spoke about concerns brought forward by a Nashua citizen regarding the Bridge Street Waterfront Development project, including the terms of an agreement between the City/BIDA and Renaissance, relocation of the Skateboard Park and specific legislation related to the project. The membership discussed how the history of the relationship between the BIDA and Renaissance has been well documented in the meeting minutes of the BIDA over the past six and a half years. The Bridge Street preferred developer agreement is available on line, which describes the terms of the relationship between Renaissance and the City/BIDA. The original and recent amendment to the document was authorized by the Board of Alderman and the BIDA (R-09-168, R-14-055), all during a public process. The potential deal between Renaissance and Dakota Properties, which ultimately failed to materialize last fall, was discussed in detail during BIDA and Board of Aldermen meetings last year. Even the appraisal, upon which the sale price of the land was based, is available as part of the BIDA meeting minutes. It was suggested that the citizen be directed to the meeting minutes available on-line. T Galligani also introduced an interesting project pertaining to the potential commuter rail station on Crown Street and the hopes of MakeIt Labs moving into the current building. 6. Next Meeting Date: March 17, 2015 MOTION TO ADJOURN THE MEETING AT 9:03 BY J HAVILAND AND SECONDED BY C PATTISON. APPROVED UNANIMOUSLY. Minutes prepared by B Hamilton 3