Special Town Meeting
Deliberative Session
September 22, 2007

Moderator Margaret Teravainen called the meeting to order at 1:00 p.m., she proceeded to ask the audience to stand and led the assembly in the pledge of allegiance. Moderator Teravainen read the attestment of posting and discussed the rules and procedures to be followed at the meeting. The following Town Officials seated on stage were introduced: Paul Loiselle, Town Council Chairman, Town Councilor District 3; George Longfellow, Town Councilor District 6, David Dickson, Town Councilor At Large; James Gorton, Town Councilor At Large; Patricia Rueppel, Town Councilor District 1; David Jodoin, Town Administrator; David Barnes, Bond Counsel; Marc Hughes, T.I.F.D. Financial Advisor; Christine Soucie, Finance Director; Leslie Nepveu, Town Clerk. There were 50 voters in attendance.

Alexander Wilson objected to the meeting being held on this date as it is in violation of the New Hampshire State Constitution since it is a religious holiday. He motioned to postpone this meeting until December 25, 2007. Moderator Teravainen asked if there was a second, it did not receive a second, no action was taken on the motion.

The following article was read and acted on as follows:

"Article 1. To see if the Town will authorize the Town Council to negotiate and enter into an arrangement with The New England Expedition – Hooksett, LLC (the “Developer”) for the construction of certain public and related project improvements in a newly created tax increment finance district (the “District”) related to the Cabela’s Project (the “Improvements”). Under this arrangement, the Developer would pay for and construct the Improvements and the Town would make monthly payments to the Developer out of taxes paid monthly by the Developer on the property owned by the Developer in the District to help defray the cost of the Improvements. The Town’s obligation to make such payments (i) would exist only to the extent that it actually receives tax payments from the Developer; (ii) would be capped at an annual amount agreed to by the Town and the Developer; and (iii) would cease after a period of 20 years. The protections afforded to the Town in its original approval of the project, as set forth in Article 5 of the warrant for its 2006 annual meeting, will continue to remain in effect.

(Explanatory Note: This warrant article relates to changes in the financing plan proposed for the Cabela’s project that have occurred since the original plan was approved by the Town at the 2006 annual meeting. Under the original plan (the “Original Plan”) certain public infrastructure and related project improvements (the “Improvements”) were to be paid for by $18 million in bonds to be issued by the Town, under an arrangement where the Town would be guaranteed by Cabela’s that it would never have to make any payments on these bonds. Under the new financing plan, which is the subject of this warrant article, only $2 million of bonds would be issued to partly finance such Improvements and secured in accordance with the Original Plan. The balance of the Improvements would be paid for by The New England Expedition – Hooksett, LLC, the new developer for the project (the “Developer”), with funds that it would borrow privately. The new warrant article describes the new financing plan. In the event that this warrant article passes, the Town Council intends to seek the rescission of the unused 2006 borrowing authority at next year’s annual meeting.)

(THE TOWN COUNCIL UNANIMOUSLY RECOMMENDS PASSAGE OF THIS ARTICLE.)

(THE BUDGET COMMITTEE UNANIMOUSLY RECOMMENDS PASSAGE OF THIS ARTICLE.)" Paul Loiselle motioned to place Article #1 on the ballot as written. Seconded by David Dickson seconded. Motion to place Article # 1 on the ballot as written passed.

Meeting was adjourned at 2:18 p.m.

Respectfully submitted,

Leslie A. Nepveu

Town Clerk - Tax Collector