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The Farmington Economic Development Committee will be hosting a presentation given by Mark Laliberte and Bridgett Beckwith of NH Department of Resources and Economic Development on October 11, 2016 at 6 pm in the Selectman’s Chambers at the Municipal Building, 356 Main Street, Farmington, NH. This presentation will focus on the Farmington Economic Revitalization Tax Relief Incentive (79-e); the Economic Revitalization Zones of the Sarah Greenfield Industrial Park and the former Collins & Aikman site; and the TIF
District. They will present details on the various programs available in Farmington and answer any questions you may have regarding Farmington Economic Development.
The Farmington Economic Revitalization Tax Relief Incentive (79-e) applies to property in the downtown area and provides an incentive to rehab your building. This incentive is a temporary break of up to 5 years for property owners who want to substantially rehabilitate a building located in the Village Center District. Properties must be in the downtown Village District to qualify and a property owner must undertake substantial rehabilitation of the structure(s) on the property. This is defined as a rehab cost of $75,000 or 15% of the structure’s assessed value, whichever is less. The improvements must result in a public benefit to the community. A public benefit is defined as contributing to downtown economic vitality, improving a
culturally or historically important structure, promoting downtown development, or increasing downtown housing. The tax relief incentive provides that there will be no tax increases attributable to the rehabilitation for a period of up to 5 years from completion of the rehab. This may be extended if new housing units are created or if the structure is historically significant.
The Farmington Economic Revitalization Zones are the Sarah Greenfield Industrial Park and the former Collins & Aikman Site. There are lots available in the Sarah Greenfield and the Collins-Aikman site is also ready for development.
The Farmington Tax Incremental Finance District was established to fund improvements to enhance the economic vitality of the Town by creating sewer and water line extensions that will attract commercial and industrial development and private investment to NH Route 11 and Route 153. The District includes approximately 392 acres along a portion of Main Street and NH Route 11 between Holy Rosary Credit Union and Paulson Road and to the new Safety Building on Route 153. The financing of public improvements with the incremental taxes created either by new construction, expansion, or renovation of property within a defined portion (district) of the community. The tax increment is the difference between the amount of property tax revenue generated before the TIF
designation and the amount of property tax revenue generated after the TIF designation. The TIF District does not increase taxes.
If you are a property owner in the downtown Village District, interested in more information on the ERZ Districts of Sarah Greenfield or Collins-Aikman, or want more information on the TIF District, we hope you will join us for this very interesting and informational presentation. If you have any questions, please contact the Municipal Offices at 603-755-2208 or by calling the Economic Development Chairman, Resta Detwiler at 603-755-2823 or by email at myladyisacat@yahoo.com. We look forward to seeing you there.
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