Peterborough proposes TIF funds for engineering work

  • Peterborough Town Administrator Rodney Bartlett, and Economic Development Authority members Jerry Galus and Chub Whitten discuss the use of funds captured by the West Peterborough TIF district during the EDA's meeting on Tuesday. Staff photo by Ashley Saari—

  • Peterborough Town Administrator Rodney Bartlett, and Economic Development Authority members Jerry Galus and Chub Whitten discuss the use of funds captured by the West Peterborough TIF district during the EDA's meeting on Tuesday. Staff photo by Ashley Saari—

Monadnock Ledger-Transcript
Published: 3/27/2019 9:23:39 PM

Peterborough plans to use funds collected from its West Peterborough Tax Increment Financing district for engineering work on Robbe Farm Road and Overseers Road this year.

The West Peterborough TIF district fund currently has just under $800,000 in it.

During its Tuesday meeting, the EDA voted 5 to 0, with one abstention, to recommend spending $158,000 from the TIF for maintenance and roadwork in West Peterborough.

Of that number, $71,500 is recommended for regular maintenance and repairs in the district. Town Administrator Rodney Bartlett said the scope of the work to be completed with the funds would include roadside cleanup, trimming brush and trees back from the roadway, re-painting road lines, repairing street lights and roadside grass cutting.

Another $76,500 would be used for the engineering phase of two road projects, which, dependant on cost, would begin in the next fiscal year.

The funds would pay for the engineering phase to improve drainage, sidewalks and put in additional safety measures on Robbe Farm Road to Dublin Road.

In a separate project, they would also cover the engineering phase for additional drainage on Overseers Road.

The remaining $10,000 would be used to cover staff costs.

The Downtown TIF District fund is currently being used to pay $89,270 annually to pay off the $1.14 million principal on the bond for the Riverwalk parking lot and footbridge that connects the parking lot to Depot Square.

The lot, located on Grove Street, behind Post and Beam Brewery, was mostly constructed last year, and is expected to be finished in April. The lot is expected to be finished no later than May 11, when the town plans to hold a dedication ceremony.

The lot will have approximately 60 spaces and be open for 24-hour parking.

The South Peterborough TIF District was only put into place a year ago. Bartlett said following the May tax bill, the town anticipates having $166,000 available in the fund.

The EDA recommended the town use $20,000 of the fund to pay for staff costs for the current year, as well as the upcoming year.

The South Peterborough district was created in 2017, in anticipation of at least two large developments in the area – the expansion of the RiverMead campus and a residential development on Wilton Road. The taxation of the new developments is intended to be used to make improvements to the Morison Road, Powersbridge Road and Old Sharon Road bridges, the expansion of as according to the TIF district plan, available on the town’s website.

TIF districts freeze the assessed value of a district at the time of its adoption, which is done by a Town Meeting vote. Any new assessed value of the properties in that district are captured and placed in the TIF fund for the purpose of improvements to the district.


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