South Peterborough Tax Increment Finance District
In accordance with RSA 162-K, the Town of Peterborough hereby adopts the following Tax Increment Financing Plan (TIF) for the area of Town that has been newly defined as South Peterborough. It is the purpose in forming this district to encourage new investment and revitalization of existing development and infrastructure in this area. This area has the potential to provide significant land for mixed use commercial and residential, village style development, including providing greatly needed affordably to moderately priced housing stock to serve Peterborough’s workforce and senior housing needs. It is the Town’s intention to use tax increment financing generated within the district to help pay for improvements to road, pedestrian and other physical infrastructure and to the visual appearance of this area, as an incentive to induce the form of development desired and to improve the affordability of the housing by absorbing some of the infrastructure cost.
Statement of Objectives
The purpose of the district is to fund public improvements to roads, bridges, intersections, sidewalks, the Town’s common pathway, sewer, water, drainage, lighting, signage, utility poles and lines, landscaping or other associated improvements that will help to create and support development of mixed land uses, typical of historic New England villages, and consistent with Peterborough’s own traditions. It is recognized that this district has the potential to represent a core mixed residential and commercial area in the Town that provides a substantial number of jobs and housing that is affordable for the community’s workforce.
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. Following the approval of this Plan at Town Meeting, the Board of Selectmen will appoint a five-member District Advisory Board which, in accordance with the provisions of RSA l62-K:14, must be 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 shall serve as Chairman. A member of the Planning Board shall serve 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.
South Peterborough TIF Plan