Derry councilors vote to expand revitalization zone
The council voted 6-0 Tuesday night to apply to the New Hampshire Division of Economic Development, Economic Revitalization Zone (ERZ) Tax Credits program to expand an existing revitalization zone.
"This is just another tool that allows someone to get a tax credit for a number of years to encourage economic development," Sioras said.
He said there wouldn't be any loss of tax revenues to the town; Derry will still be able to collect taxes in the zone based on the assessed valuation of property.
A Realtor who is listing a property on A Street recently requested that the zone be expanded, Sioras said.
Local officials have already met with representatives from DRED, who encouraged the town to apply to expand the ERZ zone, Sioras said.