Goffstown project seeking tax incentive approved
GOFFSTOWN — The first project to take advantage of a tax incentive in town was approved earlier this week.
Owners will rehab the former Hall’s Radio and T.V. Service building at 15 N. Mast St. The new store will sell locally made goods from various artists in the state.
In all, about $83,000 worth of repairs will be done to the property. The work is to include new carpet, windows, siding, new wiring, bathrooms and insulation.
“That amount of renovation would add roughly 100 percent of the value to the property,” said Town Administrator Adam Jacobs.
The project was approved to take advantage of the 79-E Revitalization Tax Relief program by the Board of Selectmen Tuesday night.
The tax incentive means 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 this specific project, the incentive will last 5 years. After that, the property will be reassessed and the taxes will change.
The goal of the program is to encourage downtown businesses in the state to invest in and use underutilized buildings.
This was the very first application the town received for the tax incentive, but not the only project looking to take advantage of it.
Developers who plan a new housing development are also looking to be awarded the incentive.
The plan is to put 99 units spread out among four buildings at the 15 Factory St. 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 and retain its historic look, keep the chimney stack behind it intact.
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.
A public hearing to see if selectmen will approve the tax incentive for the Factory Street project will be held on Aug. 14.
Selectmen will also look to create more robust guidelines as to who can apply for the incentive and how long certain projects will be able to utilize it.