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.