Bow Tax Increment Finance Districts (TIF)
On March 12, 2002, the Town of Bow voted to adopt the provisions of NH RSA 162-K and established the authority to create one or more tax increment finance (TIF) districts in town. On March 20, 2018 The Town of Bow voted to create a TIF district along Route 3A and the newly rezoned Bow Mills area. Such a district would allow the Town to use future tax revenue from increased assessments in a designated area to fund improvements in that area that are needed for economic development.
State law [RSA 162-K:2(XI)] defines the tax increment as “the amount of taxes raised in a development district due to increases in assessed value over the assessed value of the district at the time of its establishment.” The tax increment will be the primary source of funding for the development program, but the Town will seek funding from other available sources. Such funding might include federal or state grants or direct contributions from private parties.
◆Bring public water to Bow Junction to support existing businesses and spur redevelopment and infill development
◆Meet the need for public water in Bow Mills and allow for new businesses and encourage expansion of existing ones
◆Improve safety and access to the federal highway system and accommodate economic development near Exit 1
◆Encourage accelerated economic development along the Route 3A corridor
◆Improve the operation of the municipal water system by a to the customer base and putting it on a path to self-sufficiency.
The main improvement proposed within the district is the construction of water and sewer lines south to the Bow-Hooksett Town Line. Secondary improvements may include additional water, sewer, and road infrastructure that would require this plan to be amended. This extension of utility lines would be contingent on an agreement approved by both towns to share water and sewer infrastructure. The Town of Bow is currently considering a new zoning designation with the same boundaries as the proposed TIF District that would allow higher density mixed use development. The current lack of water and sewer infrastructure precludes land within the district from being used for its highest and best use. The objectives of this development program and finance plan are to:
- Bring public water and sewer to South Bow to support existing businesses and spur new development;
- Provide an incentive for property owners and developers to convert current land uses to help expand the Town’s tax base;
- Work cooperatively with the Town of Hooksett to interconnect the two towns’ respective water and sewer systems for the benefit of both towns.
- Improve safety and access to Route 3A and accommodate economic development along the Route 3A Corridor
- Improve the operation of the municipal water system by adding to the customer base and putting it on a path to self-sufficiency.
The program would extend the water and sewer lines approximately 5,000 linear feet (lf) to the Bow-Hooksett Town line; a rough cost estimate for the work can be found in Appendix B. The total estimated cost for improvements in the development program is approximately $2,625,000.
It is anticipated that all work to extend water and sewer lines would be conducted within State and Town right-of-ways and the Town would not use the power of eminent domain to acquire real property without amending this plan at a future town meeting. The District Administrator is authorized to negotiate terms for the acquisition of any necessary easements for construction subject to town meeting approval for financing the development program.