Greater Downtown Tax Increment Finance District
TIF Plan Excerpt:
Authority and Purpose
In accordance with RSA 162-K, the Town of Peterborough hereby adopts the following Tax Increment Financing Plan (TIF) for the Greater Downtown area of Peterborough. It is the purpose in forming this district to encourage revitalization, re-investment and new investment within those portions of Town that are either used for commercial activity and/or are zoned for commercial development. Without improvements to both the physical infrastructure and visual appearance of this area, the existing tax base could erode. Also, without these additional investments, the capacity does not presently exist to support all of the development for which these areas are zoned. It is the Town’s intention to use tax increment financing to help pay for necessary improvements. Suitable projects, for example, could be the replacement of the Main Street retaining wall, improving the Summer Street parking lot, addressing issues with the canal under Main Street, or separating the sewer system from the storm water management system.
Statement of Objectives
The purpose of the district is to fund improvements to roads, intersections, sidewalks, sewer, water, drainage, lighting, signage, utility poles and lines, landscaping or other associated improvements that will create economic vitality, and ensure the continued economic vitality of those areas that are already so developed. It is recognized that this district represents a core commercial area in the Town that provides a substantial number of jobs, and also represents an important part of the non-residential tax base.
District Administrator and District Advisory Board
Pursuant to RSA 162-K:13, the Board of Selectmen has appointed the Director of the Office of Community Development to serve as the TIF District Administrator, in conjunction with the Peterborough Economic Development Authority. A five-member District Advisory Board has been appointed by the Selectmen and, in accordance with the provisions of RSA l62-K:14, is made up of a majority of members who are owners or occupants of real property within or adjacent to the District. A member of the Economic Development Authority serves as Chairman. A member of the Planning Board serves as Vice-Chairman.
This Board shall advise the District Administrator, EDA and Selectmen on the maintenance and implementation of the District Plan. All meetings of the Advisory Board shall be public, and both the Administrator and Board are encouraged to obtain extensive public input as they prepare to implement the plan.