March 7 meeting intended to solicit input on how best to invest money in downtown Laconia TIF fund

LACONIA — The advisory group overseeing the downtown tax increment financing (TIF) district is hosting a public meeting on Wednesday, March 7 beginning at 6 p.m. at the Belknap Mill to solicit suggestions from residents about what improvements should be undertaken downtown.

Tax increment financing allows municipalities to define TIF districts, then apply a portion of the future tax revenues that accrue from the increase in assessed value generated by new construction, expansion or renovation of property in the district to either provide funds or service borrowings for public improvements within it. In addition, to the downtown TIF district, the city has approved a TIF district in Lakeport and a third TIF district is contemplated at The Weirs.

Half of the incremental revenues will be reinvested in the downtown TIF district and half deposited in the general fund.

The improvements are generally made in conjunction with private developers, who undertake to complete particular projects while municipalities commit to enhancing infrastructure — roadways, drainage, sidewalks, landscaping, utilities and so on — within the TIF district.

The boundaries of the downtown TIF district enclose an area roughly ringed by Fair Street, New Salem Street, Church Street, Union Avenue and Court Street and divided by Main Street, running from Pine Street in the south to Oak Street in the north. The district included 287 properties spread over 145 acres, which together represented a total assessed value of more than $70-million when the district was established in 2004.

Since then the redevelopment of the Allen-Rogers complex, Scott and Williams factory, Vernitron building and Sundial Shop and the construction of Meredith Village Savings Bank, Walgreen's and CVS have added value to the district.

Funds have been used to complete a stretch of the Riverwalk near City Hall and make improvements to Stewart Park. The district has accrued a current balance of more than $160,000 and generates approximately $100,000 per year.

The committee encourages residents to attend the meeting and offer their recommendations and priorities for what projects should be pursued in the coming year.