Time needed for Performing Arts Center
NASHUA – Progress continues on the downtown Performing Arts Center, as city officials and volunteers chip away to complete the considerable endeavor.
During a Tuesday interview with The Telegraph, Nashua Director of Economic Development Tim Cummings said the total project cost – including the city’s obligation, private sector funding and tax credits – comes within the range of $20 to $21 million.
He said the $15.5 million figure represents just what the city’s obligation to the project would be. This calls selling bonds in the amount of $15.5 million.
On top of that, there is the private funding and tax credit money that needs to be collected and tabulated. Cummings said the city was recently awarded a New Hampshire Community Development Finance Authority tax credit in the amount of $367,500.
Cummings told The Telegraph on Tuesday that he is unsure how much private money has been raised for the project to this point.
“I just don’t know how much on the private sector side,” Cummings said.
However, he did confirm some private money has been raised. Currently, officials are still designing the final structure and assembling sources of funding.
He said there is probably another six months or so of design that needs to happen. The project is currently about six weeks behind schedule, while officials make sure that the design stays on budget.
“It may be coming together a bit slower than originally anticipated, but we’re working toward having a great project at the end of the day,” Cummings said.
Cummings hopes for at least $4 million in New Market Tax Credits, and somewhere around $2.5 million for the private sector fundraising.
Although it was originally thought that spring 2021 would be the opening date, Cummings said it will now be later.
“I’m really excited and thrilled with all the work that the various volunteers have put into this project,” Cummings said. “Members of the Steering Committee, members of the Fundraising Committee, members of the Board of Aldermen have all really rallied behind this project and it’s going to be a great catalyst for the downtown.”
Cummings said he will likely provide an official update on the project during a Board of Aldermen meeting next month.
Adam Urquhart may be contacted at 594-1206, or at firstname.lastname@example.org.