The West Milford Tax Increment Financing District (TIFD)
Town of Milford, New Hampshire
The TIF District currently consists of ten (10) parcels of land located south of Old Wilton Road straddling the 101 Bypass; eight (8) parcels totaling 121 acres owned by the Town of Milford, known as the "Brox property" and two (2) parcels totaling 41 acres owned by Hendrix Wire and Cable;
Access from unimproved Perry Road;
Zoned Integrated Commercial-Industrial 2 (ICI-2);
Approved by Town voters in 2006 with the intent to promote industrial and commercial development and build the town's property tax base;
Utilizes an advisory board (authorized by the Town and appointed by the Selectmen) that promotes, manages, and recommends, to the Selectmen, projects and improvements in the District that make sense for the town. The advisory board works with the Milford Industrial Development Committee (MIDC). Staff support is provided by the Community Development Office.
Town is marketing this property to encourage development that enhances the Town's economic base by extending necessary infrastructure improvements and establishing land uses that provide positive tax revenue.
What is a TIF District and TIFD Advisory Board?
A Tax Increment Financing District is an area designated by Town voters where public improvements such as roads, water lines, sanitary sewer lines, stormwater facilities, sidewalks, and street lighting are financed by the incremental property taxes generated by new commercial and industrial construction. New additional tax revenue will be dedicated to pay off bonds that are issued for the infrastructure. Nothing is taken away from anyone, because the TIF District uses "new money" that is created by new investments. Existing tax dollars are untouched. Once the infrastructure bond is paid off, all property tax revenues go to the general fund. The Advisory Board is set up to advise the Selectmen on the development of the District and to work at implementing the development plan.
How does TIF work?
Tax increment financing is a proven tool for economic development - utilized throughout New Hampshire. Once a district is defined and the current assessed property values in the district are set as a baseline, any increase in the property values within that District (in this case the West Milford District) will result in an "incremental" increase in taxes. All or part of this incremental increase can be used to pay for infrastructure improvements within the District. Once the costs for the infrastructure are paid off by the incremental revenues generated from the District, all property tax revenue goes into the general fund. Tax payers are not burdened with higher taxes to pay for infrastructure improvements - they are paid for with the new tax revenues generated from the TIF District development. All activity relative to the TIF District and Advisory Board is regulated by NH State Statutes.