TIF Committee
What is TIF?
The (F)inancing of public improvements with the (I)ncremental (T)axes created either by new construction, expansion or renovation of property within a defined district.
Will the TIF district have an administrator?
At this time, the Board of Selectmen has not appointed an administrator. Under the development program plan for the district, “the Selectmen may create the position of District Administrator”. Presently, the selectmen will be acting as the administrator with Kathryn Lynch, Town Administrator and
What are the duties of the TIF Advisory Committee?
Under RSA 162K: 14, the advisory board advises the governing body on the development program of the district. The development program means infrastructure development – water, sewer, roads, sidewalks, lighting, etc. The development program is not to be confused with subdivision within the district or site plan review of a proposed business. Subdivision and site plan review is the responsibility of the planning board. The advisory board reviews the districts development plan and financial plan which outlines the public improvements for the district and the financing of those public improvements. The Advisory Committee advises the selectmen of its recommendations, which may include changes to the original adopted plans. Any modifications shall be approved by the legislative body.
Who benefits from the tax dollars in the district?
The tax dollars derived from a TIF district can be used to benefit public improvements within the district and also can be used to benefit the town has a whole. The TIF Advisory committee reviews the financial plan on a regular basis and can make recommendations to the selectmen based on the plan that a percentage of tax revenue generated within the district offset infrastructure costs and a percentage be placed in the general fund.
Are the funds tied up in the district for twenty years?
Yes and no. Funds will only be committed to the district for a period of twenty years if a TIF project is bonded for a twenty year period, then only the principal & interest payments would be committed to the district. When all infrastructure is completed, and there are no longer any need for public improvements to that district for the benefit of the district, tax funds will be allocated to the general fund.
Remember, the Development Plan/Financial Plan of the TIF District is a tool to guide the Advisory Committee. Like all plans, it can be changed.
Who looks at plans submitted by companies?
Site plan review is conducted by the planning board, not the TIF Advisory Committee. The Advisory Committee becomes a key player if there is infrastructure needed to accommodate the proposed business that will benefit the district as a whole.