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Proposed housing development in Goffstown looking for 79-E tax incentive

Union Leader Correspondent

July 26. 2017 1:12PM
The Residences at Hadley Falls will use the 15 Factory St. mill building and add four more to the property for the 99-unit development. (Courtesy)

GOFFSTOWN — A proposed housing development could be one of the first in town to take advantage of a tax incentive program from the state.

The plan is to put 99 units spread out among four buildings at the 15 Factory Street site, which will be called the Residences at Hadley Falls.

The majority of the units will be put in the former mill building — 50 units — while the other three buildings will have 6, 18 and 25 units.

The site currently has some warehouse and sheds that will be removed to make room for the new buildings.

Developers will rehab the mill building for the project to retain its historic nature and will also be keeping the chimney stack behind it. Town officials said that this inclusion was something they were glad to see, as plans for the site in the past by different developers had called for getting rid of that.

“It is a very prominent landmark in our town,” said Selectman Collis Adams.

Developers and their team have already met with the town’s Zoning Board of Adjustment and Planning Board at the end of June. They will be back to meet with both boards on Aug. 10.

In all, Roberto Rico, one of the two owners of Charter Development Co., LLC looking to purchase and develop the property, said he expects the entire project will cost about $15 million. About $3 million of that will be site improvements alone, he said.

Developers are looking to take advantage of the state’s 79-E tax incentive, meaning 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 with the upgrades for five years after the upgrades are made.

A public hearing to see whether or not the selectmen will approve the tax incentive for the Factory Street project will be held on Aug. 14.

The goal of the program is to encourage downtown businesses in the state to invest in and use under-utilized buildings.

There are two zones in Goffstown where businesses are eligible to apply for the program: in the Village district and in Pinardville along Mast Road.

“We received our first two applications this week,” said Town Administrator Adam Jacobs.

The other property is looking to take advantage of the 79-E tax incentive as well. Plans for the 15 N. Mast Road property will discussed during a public hearing before the Board of Selectmen on Aug. 8.

At that time, selectmen will decide whether to approve the application for the tax incentive program.

This does not mean either plan will be approved; they will still need to go through the zoning and planning boards for additional approvals.

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