Laconia, Franklin, Wolfeboro receive tax credits

CONCORD — Development of the Court Street Neighborhood Center in downtown Laconia, a whitewater park in Franklin, and renovation of a business incubator in Wolfeboro are among the projects receiving the latest round of tax credits through the New Hampshire Community Development Finance Authority.

The tax credits support projects aimed at bringing increased access to critical services, revitalizing downtowns, and supporting workforce development and affordable housing.

“Our tax credit awardees are leading collaborative, community-based projects to address critical needs in the Granite State that bring together public and private resources to [solve] local challenges,” said Community Development Finance Authority Executive Director Katy Easterly Martey in announcing the awards. 

Businesses purchasing the tax credits receive a 75 percent credit that can be applied against the state's Business Profits Tax, Business Enterprise Tax or insurance premium.

Lakes Region Community Developers is receiving $200,000 in tax credits that will help with the Court Street Neighborhood Center. Executive Director Carmen Lorentz said the tax credits will be for the next phase of the project, which is converting the former Walter's Market to 10 offices, along with a large community meeting space and a big kitchen for community events.

"We can't sell them until next July," she noted, saying that if they sell quickly, they may be able to complete the second phase of work next summer or fall. That will include finishing the exterior treatment of the building, adding new insulation and siding, as well as redoing the parking lot and landscaping the property.

They hope to move into the building by the end of this July, after converting the big open space into offices for their staff and interns, as well as two offices being leased to Granite United Way. The current phase includes putting in windows and doing insulation and siding on the south wall.

Lorentz said the business tax credit "is a cool thing to have, and it's a unique program in the country. A business can keep its tax credits in the community by investing in these projects ... It's very New Hampshire."

The city of Franklin is receiving $500,000 in tax credits to support the development of a whitewater park along the Winnipesaukee River in Franklin, a project spearheaded by Marty Parichand, owner of Outdoor New England. Known as Mill City Park, the project is seen as a driver for Franklin's downtown revitalization.

Mill City Park will create a recreational mecca centered on the river, which advocates believe will promote tourism and economic activity, including the creation of new jobs, and spurring local investment.

Franklin City Manager Judie Milner commented: "The city is thrilled to partner with CDFA once again. This project will be the catalyst for the city’s reinvention to a recreation destination by bringing in a new recreation venue and industry that will not only benefit the city but the region and state as well.”

The other local award, for $275,000 in tax credits, went to Global Awareness Local Action of Wolfeboro, which is renovating the Carroll County Makerspace and Incubator.

Plans for the revitalized facility include wood and metal shops, fine arts studio space, a computer lab, light auto and general repair, co-working space, career development facilities and a commercial kitchen. The project will provide increased access to workforce development tools and training, as well as downtown revitalization.