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. 

Community Development Director/TIFD Administrator: Bill Parker  

One Union Square

Milford, NH  03055

(603) 249-0620 phone - (603) 673-2273 fax

bparker@milford.nh.gov

Tax Increment Financing District (TIFD) Advisory Board  

Marketing Representative:   Jim DeStefano  

For more information go to: http://www.milfordtifland.com

TIFD Board & minutes      FAQ's      Information & Links      "Brox" Marketing information

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.

Background      

2000                      Town votes to purchase the 270 acre "Brox" Property.  Approximately 125 acres of this property is zoned for industrial uses, but lacks essential infrastructure, such as roads and utilities.

2001                 In an effort to foster economic development, Town votes to authorize the Selectmen to sell for industrial purposes the BROX industrial parcels.

2001-Present      The Milford Industrial Development Corporation (MIDC) explores methods and options to promote commercial and industrial development in the west Milford area.

2004                       MIDC recommends to the Selectmen, and Selectmen contract with Vear Commercial Properties to market the BROX industrial property. Contract renewed in May 2006.

2006                MIDC promotes the establishment of a "Tax increment financing district" (TIFD) and Town votes to establish a 162-acre industrially-zoned area (BROX land and two adjacent parcels owned by Hendrix Wire & Cable). A required seven-member TIF Advisory Board is appointed by the Selectmen to advise on planning, construction, and implementation of the TIF development program, inclusive of infrastructure improvements.

2007                       TIF Advisory Board continues to actively advocate for and implement the goal of planned, tax-positive commercial and industrial development in West Milford through marketing, promotion, technical assistance and policy recommendations.  Selectmen sign a new marketing agreement with Grubb & Ellis, Coldstream Real Estate Advisors, Inc for the Brox property.

Tax Increment Financing District     

                                                          "Brox" Property              Hendrix Wire & Cable                                   

"Brox" Property

For inquiries and information regarding development opportunities;

contact Jim DeStefano at:  jdestefano@coldstreamre.com        

http://www.milfordtifland.com/

Information

http://www.milfordtifland.com

MILFORD INFORMATION

ICI-2 District Zoning regulations 7kb	2008 Zoning Ordinance  320kb
Demographics (NHES link))	The Milford Advantage  60kb
Profile (Chamber of Commerce link)	West side  traffic counts (NRPC link)
Business/Employer listing  (coming soon)	Local Organizations (Milford oval link)

TIFD Advisory Board

Members

Bill Parker, TIFD Administrator

John McCormack, Chairman & Citizen at large

Al Hicks, MIDC

Mike Putnam, Board of Selectmen 

Katie Chambers, School District

Tom Wilson, Hendrix Wire & Cable

George Infanti, Perry Fields, LLC

Dave Roedel, Chalet Suisse International

 Minutes  

 2007 Minutes  

2006 Minutes