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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.
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