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.