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.
Conformance with District Limitations per RSA 162-K:5
The size of the district is 1.63 acres. The City of Nashua has a total of 19,712 acres. Therefore the
district represents significantly less than the 5% maximum of the total City acreage per RSA 162-
K:5.1.
Simultaneously, the city over the last few years has contemplateda streetscaping and infrastructure
enhancement along West Pearl Street coupled with a reversal of the flow of trafficon West Pearl. More
broadly this would also allow for the squaring off the “Courthouse Oval” on Walnut/Central and
Factory/Chestnut Street(s).
Introduction
In accordance with the provisions of RSA 162-K, Municipal Economic Development and Revitalization
Districts, the Nashua Board of Aldermen hereby establishes the School Street Tax Increment Financing
(“TIF”) District, and the associated Development Program and Financing Plan (hereinafter "the TIF
Plan").
Purpose & Objectives
TABLE OF CONTENTS
Introduction
Purpose & Objective
Background
District Boundary
Conformance with District Limitations Per RSA 162K:5
Proposed Improvements
Economic Benefits
Environmental Controls
Proposed Re-Use of Private Property
Relocation & Displacement
Operations & Maintenance of the District
Estimated Cost of Development Program
Funding Sources
The TIF District & RSA 79E
Wy] WY] CO} CO] CO] CO] NI] NI] Oo] Ur] Ga] BY] WO] GO]
Development Agreements
School Street
Tax Increment Finance District
Development Program & Financing Plan
Date:
Adopted by the Nashua Board of Aldermen
ORDINANCE ANALYSIS CONTINUED O-20-030
A development district may be designated by the Board of Aldermen upon a finding that it will
serve a public purpose. RSA 162-K:5. The district development program and tax increment
financing plan details the proposed public and private uses of the district and estimates the cost
of the development program and the sources of revenue. See RSA 162-K:°6 and 9.
LEGISLATIVE YEAR 2020
ORDINANCE: O-20-030
PURPOSE: Adopting a Tax Increment Financing (TIF) Development
District under RSA 162-K and NRO 295-11, the “School Street
TIF” and a Tax Increment Financing Development Program
and Financing Plan for the New TIF
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: The proposed TIF district at this time does not have any direct
ORDINANCE O-20-030
B. Such district shall also include any lots created out of or established from the
foregoing lots.”
And further, it is hereby RESOLVED by the Board of Aldermen of the City of
Nashua that the attached “Tax Increment Financing Development Program and Financing Plan”
is hereby adopted for the tax increment financing development district comprised of land
identified in NRO Section 295-12.1.
O-20-030
ORDINANCE
ADOPTING A TAX INCREMENT FINANCING (TIF) DEVELOPMENT DISTRICT
UNDER RSA 162-K AND NRO 295-11, THE “SCHOOL STREET TIF” AND A TAX
INCREMENT FINANCING DEVELOPMENT PROGRAM AND FINANCING PLAN
FOR THE NEW TIF
CITY OF NASHUA
In the Year Two Thousand and Twenty
The City of Nashua ordains that Part II “General Legislation,’ Chapter 295
“Taxation,” Article V “Development and Revitalization Districts,’ of the Nashua Revised
Ordinances, as amended, is hereby amended by adding a new section as follows:
