NASHUA – As a global financial powerhouse with profits of $29.1 billion in 2019, Bank of America may be just the partner Nashua officials need to shift work on their stalled downtown Performing Arts Center into high gear.

Officials are expected to formally confirm B of A’s $250,000 commitment to the project during a news conference at the planned site – the former Alec’s Shoes building at the corner of West Pearl and Main streets – this afternoon.

“We believe arts play an important role in the cultural and economic development of every community,” B of A New Hampshire Market President Ken Sheldon said via news release. “We applaud the city of Nashua for their foresight and consider ourselves fortunate to have a role in bringing their grand vision to life.”

Organizers said they intend for the $250,000 grant to anchor a $2.5 million private capital campaign for the center, while inspiring additional contributions.

Officials said the center is planned to host theatrical and musical performances, corporate and nonprofit events, in addition to weddings and other private gatherings. Current plans call for it to feature seating for 750, as well as “flat-floor standing room” for up to 1,000.

With plans for construction to now begin in September, officials said the project should create 120 jobs.

“Opening a performing arts center at 201 Main St. is an important centerpiece to Nashua’s Main Street community, key in the effort to revitalize Nashua’s downtown,” Nashua Mayor Jim Donchess said via news release. “City leaders and community partners, like Bank of America, have worked tirelessly together for some time to make this project a reality. Nashua owes a very special thank you to Bank of America for its generous award to this precious project and for being such an amazing community partner.”

Spectacle Management, a New England booking agent and performance venue management company, has agreed to operating the center. Plans call for Spectacle to run all aspects of the building, such as bookings, marketing, hiring and managing staff. Officials estimate the center will bring approximately 70,000 people to downtown Nashua per year.

Nearly two years ago – on Feb. 13, 2018 – Nashua Board of Aldermen members passed a resolution to sell $15.5 million worth of bonds to build the PAC.

However, city leaders have since remained quiet as to any actual funds raised for the project.

In June, New Hampshire Community Development Finance Authority officials announced a tax credit of $367,500 that would be made available for the center.

See the Thursday edition of The Telegraph for more details.

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