HomeMunicipalDeputy Finance Director updates City Council on Tax Incremental Financing (TIF) Districts

Deputy Finance Director updates City Council on Tax Incremental Financing (TIF) Districts

On June 7th, Deputy Finance Director Mark Sullivan provided a presentation to City Council regarding Rochester’s 3 Tax Incremental Financing (TIF) Districts, which include Granite State Business Park, Safran Aerospace, and Granite Ridge Development District.

TIF Districts provide a means for municipalities to offer an economic incentive without burdening the general property taxpayer. The benefit is the creation of new assessed values and public infrastructures in an area where development may not have otherwise occurred.

According to Sullivan, the presentation provided a summary of the formation of TIF Districts and how assessed property values and related property tax revenues are retained within them in order to fund public infrastructure improvements.

Sullivan stated that Rochester’s 3 TIF Districts are “performing well, beyond initial expectations.”

Click here to watch the June 7th presentation, starting at 9:46:00.

On June 21, 2022, Sullivan provided a second presentation to City Council regarding the allowance of residential housing in the Granite Ridge Development District, focusing specifically on the potential financial impacts on City and School operating budgets. 

During the presentation, Sullivan outlined several options that would allow both respective operating budgets to recover any financial impacts related to any potential housing developments in the Granite Ridge District.

Click here to watch the June 21st presentation, starting at 1:22:58. 

Latest Posts

Watch: Zoning Board of Adjustment – 10/09/24

Click here to watch Public Meetings are broadcast live on Comcast Channel 22 and Breezeline...

LISTEN: Understanding Tax Deeds, How Unpaid Taxes Can Lead to Losing Your Property

In this episode, Matt talks to Tax Collector Rachel Laughner to explore the tax...

Mayor, Rochester Child Care Center, and NH Healthy Climate to Celebrate National Children’s Environmental Health Day on 10/10

Rochester Mayor Paul Callaghan will present an official proclamation declaring October 10th as Children’s...

Watch: Finance Committee – 10/08/24

Click here to watch Click here for a link to the Finance Committee agenda and...

More like this

LISTEN: Understanding Tax Deeds, How Unpaid Taxes Can Lead to Losing Your Property

In this episode, Matt talks to Tax Collector Rachel Laughner to explore the tax...

Mayor, Rochester Child Care Center, and NH Healthy Climate to Celebrate National Children’s Environmental Health Day on 10/10

Rochester Mayor Paul Callaghan will present an official proclamation declaring October 10th as Children’s...

Watch: Finance Committee – 10/08/24

Click here to watch Click here for a link to the Finance Committee agenda and...