A special meeting of the Board of Aldermen was held Tuesday, March 6, 2018, at 7:02 p.m. in the
Aldermanic Chamber.
Vice President Brian S. McCarthy presided; City Clerk Patricia D. Piecuch recorded.
Prayer was offered by City Clerk Patricia D. Piecuch; Alderman Tom Lopez led in the Pledge to the Flag.
The roll call was taken with 13 members of the Board of Aldermen present; Alderman-at-Large Brian S. McCarthy
Alderman at-Large Michael B. O’Brien, Sr. and Alderman Jan Schmidt arrived after roll call at 7:078 p.m. and 7:27
p.m., respectively.
PUBLIC HEARING
O-18-006
EXPANDING THE TAX INCREMENT FINANCING DEVELOPMENT DISTRICT UNDER
RSA 162-K AND NRO 295-11, ESTABLISHED BY O-03-171 AND REPLACING THE
TAX INCREMENT FINANCING DEVELOPMENT PROGRAM AND FINANCING PLAN
ADOPTED BY R-03-197 AND R-04-58
As provided for in NRO 5-28, Tim Cummings, Director of Economic Development, and Sarah Marchant,
Director of Community Development a brief explanation on Ordinance O-18-006 prior to entertaining testimony
from the public.
Chairman Wilshire
Thank you for being here this evening and the floor is yours.
Director Cummings
Madam Chair thank you very much for having me. For the record, my name is Tim Cummings. I’m the
Director of Economic Development for the city and with me | have Sarah Marchant the Director of Community
Development. We're here this evening asking for your adoption of an expansion of our current TIF program to
include additional parcels along the riverfront. | have a quick presentation that | would like to go over with you
this evening which is a high level overview of TIF and the program specifically and then getting into the Nashua
program.
With that being said, TIF stands for Tax Increment Financing. It was established in the 1970s here in New
Hampshire. If you want to look at the enabling Statute that allows us to do it, it’s RSA 162-k. Essentially what
it does is it allows for us to capture the new tax dollars what we refer to as the increment and use it for specific
programs, projects and what not within a certain delineated area within a municipality. In preparation for this
meeting, | provided to you in advance an overview memo February of 2018. I’ve recently resupplied that to
you. It’s on your desks this evening which goes into a little more detail in terms of what the TIF is, how the TIF
works, and why the TIF is a useful tool, and how we currently use it here in the city. For those of you who may
or may not know, we currently have a TIF for the Riverwalk that goes around Peddlers Daughter and the
condominiums over by Jackson Falls. It was the start of what we hoped to be a more ambitious project and we
can talk a little bit about that a little later on.
| want to call your attention to the graphic on the second page of the district which goes into how it actually
works. | will speak to that in a little bit more detail in a few minutes but it essentially gets to the heart of the
conversation this evening which is the capturing of the increment — that’s that yellow visual. Enough about the
memo. I’m going to quickly put a YouTube video on which explains in more detail the general overview
concept of how TIF works. This is another part of the country but the TIF tool is used throughout the country
and this one in particular is in Indiana. | thought it did a great job in really crystalizing how you can use the TIF
economic development tool to your community's benefit.
