Published DateFRANKLIN — The city of Franklin has adopted regulations is hopes will spur community revitalization and development.
On February 4, the City Council unanimously approved the provisions of RSA 79-E in an attempt to encourage downtown revitalization efforts. The new program allows the council to grant tax relief for approved improvements to qualifying structures in the core downtown area. Tax relief can be granted up to a period of five years, with the option of granting relief for additional years based on certain conditions.
The council also approved and adopted a new Tax Increment Financing (TIF) plan for the Franklin Business Park. TIF is a technique that allows a local government to generate revenues for a group of properties targeted for improvement, known as a TIF district. As improvements are made within the district, and as property values increase, a percentage of the incremental increases in property tax revenue are earmarked for a fund that is used for improvements within the district. The goal is to spur additional developments in the park.
Inquiries about the program should be directed to Franklin City Hall (934-3900).