Proposed Goffstown housing project granted tax incentive
GOFFSTOWN — A proposed housing development in town will be given some tax relief, but will still need other approvals from governing boards before construction can begin.
The plan is to put up 99 units spread out among four buildings along the bank of the Piscataquog River at the 15 Factory St. site, which will be called the Residences at Hadley Falls.
The majority of the apartments will be put in the former mill building — 50 units — while the other three buildings will have 6, 18 and 25 units respectively.
The site currently has some warehouse space and sheds that will be removed to make room for the new buildings.
Developers would rehabilitate the mill building for the project and retaining its historic architecture, keeping the chimney stack behind it.
The Hadley Falls Dam will be repaired and brought back online as well, according to the plans.
The Board of Selectmen voted to approve the 79-E tax incentive application from developers on Monday night. This means that although the owners will be taxed on the current assessed value of the building they won’t be charged extra if the value increases for five years after the upgrades are made.
The selectmen could have bumped that up to 7 years, which was what the developers had asked for. The statute allows projects that have a residential component to have an additional two year freeze.
The property is currently assessed at approximately $608,000, which brings in about $16,000 taxes annually. The full market value of the property is expected to be about $17 million if all the units are built as proposed. This would then bring in about $450,000 in taxes.
There’s still work to be done, though, before the project can start.
Developers are looking for a variance on the zoning ordinance since only 64 units are allowed on that site. They are also looking for a variance for the buildings’ height, since what they are proposing is about 20 feet higher than what’s allowed.
These variances failed to win approval from the Zoning Board of Adjustment last Tuesday in a 2-1 vote. Variances need to garner three votes to be approved or denied.
This isn’t the first time someone has tried to redevelop the Factory Street property. About two years ago, plans were presented to use the property for both residential and commercial purposes, but the plans fell through after the viability of that type of plan was called into question.
Developers opted instead to pursue a purely residential project for those reasons.
“This is a much less intensive use than what would be permitted on the site,” said Doug MacGuire, an engineer and vice president of the Dubay Group that is helping with the design of the project. “The increased density we’re asking for is not going to adversely affect the community from a traffic or safety standpoint.”