LEGISLATIVE YEAR 2020
ORDINANCE: O-20-030
PURPOSE: Adopting a Tax Increment Financing (TIF) Development
District under RSA 162-K and NRO 295-11, the “School Street
TIF” and a Tax Increment Financing Development Program
and Financing Plan for the New TIF
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: The proposed TIF district at this time does not have any direct
impact on the City’s budget. This legislation sets out the
governance process necessary to capture the future tax
increment within the district, which we do not know, but could
range from $1,400,000 to $1,500,000 based on a five year
timeline. This money would be used to make improve ments as
outlined om the plan.
ANALYSIS
RSA Chapter 162-K, adopted by the City in 1998, enables the City to establish economic
development and revitalization districts, in which enhanced property tax revenue is designated to
offset the cost of designated improvements, which may be financed by general obligation bonds.
NRO §295-11 adopts the general powers of RSA Chapter 162-K; this legislation adopts a new
development district comprised of the identified parcels situated on or around School Street and
adopts a development program and tax increment financing plan for the district.
