e N.H. Housing and Finance Authority programs
e NHDOT Enhancement Grants
e TCSP Grants from the Federal Highway Authority
e New Hampshire Business Finance Authority programs
A key component for the project funding is the use of the accumulated TIF Funds. All of the added-value
tax increments shall be set aside and placed into the dedicated TIF Account fund.
It is the overall goal of the Board of Aldermen to pay for projects [either entirely or partially] through the
use of the TIF Account Fund. All of the TIFFunds shall be directed towards the payment for specific TIF
projects or the retirement of the outstanding bonds and notes issued for the improvements and
activities approved through this Plan. The baseline values used to determine tax increments will be as of
April 1, 2020. Enclosed in Appendix F are the property cards for the subject properties included in the
TIF District.
For the purposes of determining the taxincrements, the market based appreciation in value of any
property shall be considered as new values to be captured for the dedicated TIF fund.
If there are available TIF Funds in excess of that which is necessary to fund the outstanding financial
obligations for approved projects ina given year then the excess amount shall: 1) be used to make
additional principal payments on bonds issued in conjunction with approved projects; 2) With the
consent of the Board of Aldermen, be applied to a newly approved project within the TIF District; and 3)
used for O&M as necessary.
Pursuant to RSA 162-K, the City of Nashua may issue bonds or other appropriate debt instruments to
pay for the proposed work and improvements approved under this Plan, and any future approved
modification.
As noted elsewhere in this Plan, the projects carried out under this Plan need to be fluid so the City can
react to changing needs and circumstancesin order to effectively move the goals and objectives
forward. The Board of Aldermen, through a public hearing and Plan modification process, must approve
all projects and the expenditures of all funds.
The TIF District and RSA 79-E
The Nashua Board of Aldermen voted in 2013 to adopt the provisions of RSA 79-E, the Community
Revitalization Tax Relief Incentive program. This program provides a tax incentive for the rehabilitation
of buildings in the City's core downtown area, which includes the area within the TIF District. Projects
granted tax relief under RSA 79-E pay property taxes, for a determined period of time based on the pre-
rehabilitation values.
Recognizing that there is a relationship between the implementation of a TIF Plan or project, and the
collection of taxes that might occur under a property subject to tax relief under 79- E, the NH Legislature
included the following language at Paragraph 79-E:4:
“VI. Municipalities shall have no obligation to grant an application for tax relief or properties
located within Tax Increment finance Districts when the governing body determines, inits sole
discretion, that the granting of tax relief will impede, reduce, or negatively affect:
