Introduction
In accordance with the provisions of RSA 162-K, Municipal Economic Development and Revitalization
Districts, the Nashua Board of Aldermen hereby establishes the School Street Tax Increment Financing
(“TIF”) District, and the associated Development Program and Financing Plan (hereinafter "the TIF
Plan").
Purpose & Objectives
The purpose of the TIF Plan is to advance the desirable development, redevelopment and physical
improvements along the adjacent to West Pearl Street and School Street creating a mixed-use
environment and a growing multi-family neighborhood. This plan is to create the framework to fund a
variety of public improvements necessary to support this vision.
The objectives of this development program and TIF plan are to:
e Improve and upgrade public infrastructure and public amenities that encourage and
create opportunities for businesses and housing to locate and expand within the district.
e Enhance employment and residential opportunities for area residents within the district.
e Expand the property tax base.
e Enhance artsand cultural assets within the district including continuing supporting the
future Performing Arts Center located at 201 Main Street.
e Toor improve parking either through management or adding additional parking.
Achievement of these objectives will occur through a combination of efforts. Existing and future
property and business owners, new investors, and City staff and the City Board of Aldermen will be
required to discuss redevelopment initiatives, and work cooperatively on funding plans and projects.
What happens to one singular building is important, especially to its owner, but more important is the
goal of implementing comprehensive revitalization efforts that help support the economic, cultural, and
societal health of the entire neighborhood. The goal, purpose, objective, and strategy of the City of
Nashua is to work in a systematic and dedicated fashion to bring vitality, excitement, and character to
an area that is ripe for reinvestment in an area of the citythat is changing. The downtown is going
through a renaissances moving away from retailas a mainstay to an entertainment and arts and cultural
district.
Without question the overarching goalis to increase property values and to do this strategic public
investments are necessary.
Background
The city issued a Request for Proposals (“RFP”) in the winter of 2017 seeking realestate development on
79 Map 54 Parcelan 80+ surface parking lot. Over the course of the past four years working with
Lansing Melbourne Group (“LMG”) on developing a plan for this surplus piece of property. Thereis a
proposal to erect a 144 unit apartment building on the air rights above the parking lot. During the
development of this proposal the abutters raised the question as to whether public parking could be
provided for on the first floor. This led toa re-visioning of how the city and the developer would move
forward.
