Keene officials eye tax incentive programBy MEGHAN PIERCE
Union Leader Correspondent
November 12. 2017 9:17PM
KEENE — City officials are eyeing a state tax incentive program to revitalize the Marlboro Street corridor.
The Planning, Licenses and Development Committee discussed the Community Revitalization Tax Relief Incentive program at its Wednesday night meeting as a way of making the newly rezoned area more attractive to businesses.
In October, the City Council rezoned the Marlboro Street Corridor area creating the Marlboro Street Corridor Economic Revitalization Zone.
The new zoning is aimed at paving the way for business to expand and development in the zone. Businesses growing in the zone can apply to New Hampshire Economic Development for business tax credits.
On Wednesday, the Planning, Licenses and Development Committee discussed the city taking that further with the adoption of the tax incentive program under NH RSA 79-E.
The state law applies to downtown or historic structures that are on the National Register of Historic Places. The temporary tax relief program can be adopted at the local level to encourage the rehabilitation and use of underutilized buildings in the downtown area. The tax breaks can extend up to five years.
State law requires the proposed rehabilitation provide at least one of five public benefits: to enhance economic vitality of a downtown, enhance and improve a culturally or historically important structure, promote the preservation and reuse of existing building stock, promote development of municipal centers, or increase residential housing. The City Council would have to vote on the tax incentive program.