e The acquisition of buildings or properties which would be better utilized for a public purpose
[ex. parking or open/recreational spaces]; and,
¢ Transportation projects that improve access to the TIF District and/or provide for pedestrian
safety. Including looking at the one way reversal of traffic flow and the adding of parking spaces
on street.
EachTIF project which is presented to the Board of Aldermen will be linked with one of these general
project categories. Each project must also satisfy one of the "public use" definitions contained in RSA
162-K:2. Each project that is approved, following a public hearing, by the Board of Aldermen will
constitute a formally adopted modification to this overall TIF Plan, and it's Financing Plan.
Any project brought forward to the Board of Aldermen for approval will need to address how the
Downtown area of (West) Pearland School Streets Tax Increment Financing District is enhanced, utilized
or benefited through the implementation of the project. The Board of Aldermen understands the
importance of this land area, especially given the valuable resources being associated in a vibrant
downtown.
Examples of improvements that could be part of a TIF project include:
e Streetscaping on West Pearl Street; and
e Construction of a Performing Arts Center
e Sewer upgrades
e Utility Pole relocation(s)
e = Parking (Management/Creation)
Economic Benefits of the Overall TIF Project
The framework of these improvement categories described herein are required in order to service the
existing population and accommodate and encourage future growth. It is the latter that is needed most
in the City. As pointed out earlier in this Plan, the economic viability of the downtown area has suffered
and is starting to resurge.
The decisions by the Board of Aldermen to undertake TIFimprovements coupled withthe positive
initiatives being brought forward by some owners and investors canand will be a significant catalyst for
an upswing in the downtown economy. The combination of TIF projects, private investments, and the
use of other state and federal loan, grant and taxincentive programs creates a cooperative framework
that can be very effective and transformative.
The complete economic revitalization of the downtown will be fulfilled with many small steps. Progress
is being made, and will continue to be made, through cooperation and communication. Adopting a TIF
programis one strategy that needs to be cultivated along with other downtown improvement
strategies. One singular approach will not solve all of the economic issues within the downtown.
The following is a list of potential future forecasted development or redevelopment within the district:
Project Location Use Estimated Tax Revenue
School Street Apartments School Street Housing $430,000.00
