(a) The development program or financing plans for such tax increment
finance districts; or
(b) The ability to satisfy or expedite repayment of debt service obligations
incurred for a tax increment financing district; or
(c) The ability to satisfy program administration, operating, or maintenance
expenses within a tax increment financing district. "
The Board of Aldermen will provide a public hearing for any application for tax relief under 79-E, and
each application will be evaluated on its own merits. The Board does recognize that providing 79-E tax
relief to a specific property may have an impact on the ability of the City to accrue the necessary TIF
funds for the realization of projects that will benefit the City as a whole, but also may directly benefit
that specific property. The Board of Aldermen will take the above 79-E language into consideration
when making a decision on any individual 79-E application(s).
Development Agreements
The City acknowledges that the creation of public-private partnerships to further the goals and
objectives of the TIF District and the Plan as outlined involves some level of risk on the part of both
parties.
At the same time, the City recognizes that opportunities for risk with public funds are not in the best
interest of the citizens and taxpayers of Nashua. It is not the intent of the Board of Aldermen to vote to
authorize the issuance of any bonds or other financial obligation notes without the execution and
recording of the appropriate Development Agreementsin order to protect the interests of the City and
its residents.
As part of the proposal for a private sector spurred project, the Board of Aldermen shall be provided
with information on the project costs, the funding plan, and the Development Agreement. The exact
language of a Development Agreement will depend on the complexity of the project. The Board of
Aldermen may require the developer(s) to execute a clearly enforceable Agreement which will require
the developer(s) to pay any deficiency between the City's actual annual cost for bond debt service and
incrementaltax revenues generatedin, or available to, the District. The Board of Aldermen shall have
final approval of the language of any Agreement negotiated by the Administrator. All Agreements shall
be executed and recorded in the Hillsborough County Registry of Deeds.
Should the City desire to support public improvement within the general project area using the captured
incremental tax revenues within the district than in this case, a Development Agreement will not be
required.
Impacts on Other Taxing Jurisdictions
Property taxes applied to incremental assessed value in the TIF District will include the municipal, school
[local and state], and county taxes currently collected by the City. The Board of Aldermen has not yet
adopted the 2020- tax rates; the current 2019 applicable tax rates areas follows:
Municipal 58.68
County 59.80
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