NASHUA – As a global financial powerhouse that posted net income of $29.1 billion last year, Bank of America may be just the partner Nashua officials need to shift work on their stalled downtown Performing Arts Center into high gear.

During a formal announcement event at the planned PAC site – the former Alec’s Shoes building at the corner of West Pearl and Main streets – on Wednesday, B of A officials confirmed a $250,000 anchor grant to Nashua city leaders to help make the center a reality.

City officials on Wednesday said that current plans call for construction on the PAC to begin in September – with a targeted opening time frame of fall 2021.

“We’re very thankful for it, and we hope it will be a catalyst for more future giving to come,” Nashua Director of Economic Development Tim Cummings said of the $250,000.

Bank of America’s grant is intended to anchor the $2.5 million private capital campaign and inspire additional contributions.

B of A New Hampshire Market President Ken Sheldon said he believes the city will only get the $250,000 if officials are successful in raising the entire $2.5 million, but expressed confidence this will take place. He said the financial services giant recognizes the value of vibrant downtown areas that drive a sense of community.

“It does have a ripple effect from an economic standpoint, so part of the allocation of our dollars is to make sure that we’re having a direct impact on people’s ability to either make a living or drive the economy,” Sheldon said. “When you see arts venues throughout the state and throughout the region, it has been shown that they drive economic activity.”

Plans call for Harvey Construction to lead work on the center, which is expected to create 120 jobs. The PAC is designed by ICON Architecture, and once built, is planned to feature seating for 750. The facility will also feature retractable seating in the main level audience chamber to allow for flat-floor standing room audiences of up to 1,000 people, in addition to banquet seating for 270 people.

Officials said Spectacle Management will run all aspects of the PAC, including bookings, marketing, hiring and managing staff. The New England book agent and performance venue management company estimates the PAC will draw 70,000 people to downtown Nashua annually by its third year of operations. Spectacle also estimates the PAC will be used at least 130 days per year, with the potential to reach 200 days of use annually.

Mayor Jim Donchess said the center is a project Nashua leaders have been working on for decades. Finally, as a result of great community effort, the project has gotten this far.

“We are very confident that within a year or so, we’re going to be able to see the start of construction here, and as Ken said, develop something that not only will be an entertainment venue for Nashua, but will help us to bring thousands of people to downtown Nashua, help support our downtown businesses and just build a stronger, healthier economy – a stronger community for downtown Nashua and for our entire city,” Donchess said.

Cummings said the first work the public will see will be demolition. From there, it should take about a year of construction to complete the project. Cummings said if crews begin construction work later this year, the facility could be used by fall 2021.

The quiet phase of fundraising continues, but Nashua PAC Fundraising Committee Chair Deborah Novotny shared some good news with the group of stakeholders who gathered Wednesday at 201 Main St. for this announcement Wednesday. That committee formed about a year ago, and is tasked with raising the $2.5 million toward this venture.

“To date, we have had over 30 pledges,” Novotny said, though declining to provide more details about how much actual funding these pledges would total.

In addition to B of A’s $250,000 grant, the other known specific dollar amount made available for the PAC is the $367,500 tax credit that New Hampshire Community Development Finance Authority officials announced in June.

Novotny said there are many families who are currently in some process of determining what amount they are going to give. She said committee members are not ready to enter the public phase because there is still some work to be done. She said organizers need a website, the ability to accept credit cards and donor software.

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.

“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,” Donchess added.

City Editor Casey Junkins contributed to this report. Adam Urquhart may be contacted at 594-1206, or at aurquhart@nashuatelegraph.com.