Londonderry drafts TIF plan for Pettengill Road development
Though there’s much work to be done before then, the Londonderry Town Council is working closely with contractor Stuart Arnett, an economic development project manager, to research funding options over the coming months.
According to John Vogl, geographic information system manager for the town of Londonderry, the immediate plan is to construct a four-lane roadway that would open up about 1,000 acres of land both north and south of the Manchester-Boston Regional Airport.
Public Works Director Janusz Czyzowksi said it would take around two years to complete the road and extend public utilities once project funding is secured.
Total project costs for Pettengill Road are estimated at around $13 million. The town is currently awaiting word on the status of an application for an $8.2 million Transportation Investment Generating Economic Recovery (TIGER) grant that, if approved, would fully fund the construction of the proposed roadway and give more businesses added incentive to set up shop in town.
However, Vogl said the chances of obtaining this grant are extremely slim due to its competitive nature.
“It’s a very significant tool and probably the best one available to local government,” he told the council. “The main goal of a TIF program is to accelerate bond pay-down, which is especially important as it saves taxpayer money.”
“Acceleration is the key word for this effort,” he said. “We also want to keep our property taxes low, hopefully make them lower.”
The ultimate goal, Arnett said, would be to pay off the TIF bond over 10 years rather than 20.
TIF funding wouldn’t affect the town’s actual tax rates and property assessments would remain the same, Stuart said. Once the bond is paid off, the developed area is no longer considered a TIF district.
Stuart said he expects the process to be a lengthy one for Londonderry.A second reading of the proposed plan will take place during the Aug. 19 Town Council meeting, with a third reading to take place at another upcoming meeting.
“It’s important to have support from all the colleagues,” Arnett said.
With the board’s approval, the town would then identify a district administrator for the TIF plan and form a local advisory board.