Derry councilors vote to expand revitalization zone
DERRY — Hoping to draw more businesses to Derry, councilors are participating in a state program to expand a revitalization zone in town.
The council voted 6-0 Tuesday night to apply to the New Hampshire Division of Economic Development, Economic Revitalization Zone (ERZ) Tax Credits program to expand an existing revitalization zone.
Businesses locating in the designated zone can receive a tax break through the program run by the state Department of Resources and Economic Development (DRED), Planning Director George Sioras said.
"This is just another tool that allows someone to get a tax credit for a number of years to encourage economic development," Sioras said.
He said expanding the zone could create jobs, expand the commercial/industrial tax base and increase tax revenues.
He said there wouldn't be any loss of tax revenues to the town; Derry will still be able to collect taxes in the zone based on the assessed valuation of property.
Known as "Area E," the zone is currently located along Route 28/Manchester Road. Under the plan, the zone would be expanded to include some parcels in the area of A and B streets.
A Realtor who is listing a property on A Street recently requested that the zone be expanded, Sioras said.
Once a company purchases the property, an empty industrial building, it can apply to the state to receive tax credits. Derry only has to designate the zone at the local level, Sioras said.
Local officials have already met with representatives from DRED, who encouraged the town to apply to expand the ERZ zone, Sioras said.