All membership meetings in 2009 will be held 
 at the Franklin Opera House
 on the first Thursday of each month.

The next meeting of Choose Franklin will be held on
Thursday, August 6th from 8:00am to 9:30am
All are welcome to attend!

DID YOU KNOW THAT… 

Franklin’s City Government has passed a TIF District in the Franklin downtown Mill District?

Tax Increment Financing (TIF) can be a powerful tool for funding necessary infrastructure improvements. TIF has until recently been used only by larger cities, but it is equally if not more valuable for New Hampshire smaller communities. 

What is a 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 portion (district) of the community. 

Franklin’s historic downtown needs improvements to maintain the existing tax base and also to attract new investments. Since the TIF is established, the existing tax value of the district would continue to be distributed in the regular way. However, if  over the next 3 years several properties within the TIF are extensively renovated, and there is now $2,000,000 of additional tax value, the taxes from that new incremental value would be dedicated exclusively for use within the TIF district, rather than the normal general revenue distribution. 

Once public improvements in the district have been paid for, the increased tax value of the district would become part of the general revenues of the city and would benefit the tax base. 

Nothing is taken away from anyone, because the TIF district uses “new” money that is created by new investments. Existing tax dollars are unused and untouched. Because 100% of the funds are available, bonds can be paid off much quicker than if general funds were used, which in most New Hampshire towns represent less than 30% of each new tax dollar (the rest going to the county and schools). 

How will it benefit business owners? 

The transaction is transparent and there is no additional tax impact. They will pay the same taxes regardless of the TIF.  

Business owners benefit from the aesthetic improvements that the TIF brings in redevelopment. More foot traffic, more revenue, greater retail opportunities. 

How will it benefit the residents? 

For the average taxpayer, the transaction is transparent, and there is no additional tax impact. Residents have an increased pride in their community, quality of life is higher and the overall infrastructure is improved with no impact on the property owner. 

DID YOU KNOW THAT… 

Franklin received grant monies to reconfigure Central Street, which will allow greater access to the Mill District for more businesses, condos, parking and development in the District? 

Franklin has received an earmark for $860,000 for engineering studies through Congressman Paul Hodes.

The traffic on Central Street and access to the Mill Area needs to be better managed. With close to 20.000 cars per day on Central Street, it is difficult to make a left turn onto the roadway. As development progresses in the Mill Area improved and controlled access onto Central Street becomes more critical.

The city of Franklin is in the beginning stages of working on these traffic plans for the Mill Area. Most of what will happen will not be visible, but will be very important to the overall redevelopment plan. 

Are you interested in learning more? Choose Franklin is open to anyone in the community. We meet the first Thursday of each month (except July). Please join us at the Franklin Opera House at 8:00 a.m.