Authorized under New Hampshire RSA Chapter 162K, Tax Increment Financing (TIF) provides financing for public improvements (sewer, water, roads, sidewalks, landscaping etc.) that are required to initiate viable economic development. New property tax revenue created by the proposed development is used to offset the cost of the public improvements. A TIF can provide an attractive and viable mechanism to pay for the public improvements necessary to support desired redevelopment projects, business expansion, or renovation in specific areas desirable to the City of Nashua.
The properties within the area designated for revitalization are defined as a TIF district. The size and configuration of the District is determined by the type and nature of the economic development activity that the City of Nashua wants to stimulate. When a TIF district is established, the current assessed property values in the district are set as a baseline. Any increase in the property values within that district which results in increased taxes can be used entirely, or in part, to pay for the infrastructure improvements.
Nashua Riverwalk Expansion
In 2007, the City of Nashua utilize Tax Increment Financing to leveraged tax revenue generated from the development of the Jackson Falls Condominiums to fund an ambitious expansion of the Nashua Riverwalk. The project created a dramatic new public access to the north side of the Nashua River and provide a critical link within the 1.1 mile long Nashua Riverwalk.