Special Board of Aldermen 03-15-2021 Page 18
further define that as you go along. But | suspect the initial proposal to the City will be for more than we
really want to invest. And | think there will be a lot of pushback initially but eventually something will come
before you. | think the way to finance the City’s contribution over time, seems like it would be appropriate —
frankly whether you have a formal TIF or not, the thought process almost has to be the additional tax
revenue from the develoment will offset whatever the City’s expense has been. A TIF makes that even
more clear but whether it is expressed or not that has to be an underlying calculation.
Are there things you haven’t thought of yet? Probably. I’m sure there are things | haven't thought of yet.
There may be things that are possible that | never get around to thinking of, but | think | probably have
some better ideas going forward than | have tonight.
President Wilshire
Director Cummings?
Director Cummings
Thank you.
Alderman Lopez
| had a follow up.
President Wilshire
| think he can answer your question, sorry go ahead.
Director Cummings
Thank you, Madam President. If | may, there were a couple points made recently and | just want to circle
back to them. Relative to the back taxes on the property it is in and around $1 million owed to the City of
Nashua at this time, probably just a tick above that. Last time | looked it was just under so for general
purposes you can think of about $1 million dollars being owed. And, again, to be clear that is on the
Mohawk Tannery parcels. | know Alderman Lopez had another follow up. | can hold the rest of my
comments if he wants to speak.
Alderman Lopez
Yeah that’s helpful because my thought was if we are negotiating and one of those negotiations ends up
being how much are you going to pay now versus how much are going to pay later? It would be a good
idea to mention that this is a priority. Additionally, | know the TIF may be a solution for doing this which
ultimately is asking the property owner who is paying the taxes to not do anything, it is just ourselves
assigning where we are going to send the money to in the future. So | guess my last question or comment
on those lines would be to Attorney Bolton is how specific can we make Legislation for taxes? Can we
create a tax specific to that property or specific to properties that are associated with cleaning up a toxic
waste dump that the person who owns that property has to contribute towards a fund to do that as a tax for
owning that property?
Attorney Bolton
In a TIF you set the boundaries of the district. So you could be as specific as need be. And then the
principle is you establish what the taxes being paid prior to the establishment of the TIF and then anything
over and above that number is for lack of a better word the excess, that excess over existing tax revenue is
available to pay for public improvements. So public improvement might be the containment of the
contamination. And you can devote all of that excess tax revenue to that, you devote any percentage short
