Special Board of Aldermen 09-28-2020 Page 18
Chairman Dowd
Follow up, Alderman Lu?
Alderwoman Lu
Well sure but there will be taxpayers that are paying those taxes right? And they are not necessarily going
to be different taxpayers than exist today. So | don’t understand how you say, how you gave that answer
that no current taxpayers will be paying towards the TIF.
Chairman Dowd
| think it’s clearer if you look at it as current properties. The properties that are being built will be the ones
paying. Yes somebody from Nashua that owns another property could move in there, but those properties
don’t exist yet to be taxed. And those properties in the School Street Apartments, now when they are
taxed will be paying for the TIF, not any other locations in Nashua that are current taxpayers.
Alderwoman Lu
Follow up please?
Chairman Dowd
Follow up.
Alderwoman Lu
Well | know one parking lot is going to be developed. But hypothetically there will be captured value in the
other parcels in the TIF District that will also be earmarked for the payment of bonds. So it doesn’t seem
like we are talking about the same thing. I’m not only talking about School Street; there are other properties
in the TIF proposal which any appreciation that happens becomes earmarked for development within that
district. So unless there’s a change — and those are mostly, many of them are buildings that already exist.
There are improvements on the parcels so most of them currently have owners and we don’t know that the
owners are going to change. So how can you say that none of those owner's tax payments will go towards
the bond payments.
Chairman Dowd
Director Cummings?
Director Cummings
Yeah thank you. And | try really hard not to answer hypothetical questions or scenarios because you can
kind of go own a rabbit hole. But! want to try to answer the question here. So there’s two specific reasons
why. One, there’s no new value being created in the other properties most of them are built out, the
improvements are there so you are not going to really see any incremental change in their properties so
that’s why | am saying | am segregating it to the School Street side itself. And then in addition to that and
we started on this comment earlier, | started making this point earlier, which is any excess funds are going
to get reverted back to the General Fund in the TIF. So that’s something that we, you know, | want to
make clear is what we are trying to do here.
Alderwoman Lu
Follow up?
