TIF (Tax Increment Financing) Districts

The City currently has three Tax Increment Finance (TIF) Districts.  These Districts were enacted in accordance with NH RSA 162-K.  In accordance with State law, the City has the ability to capture and retain tax revenues generated by new development constructed within each TIF District after their enactment.  These captured revenues are used to support debt service incurred for infrastructure improvements within the TIF Districts, as well as operating and administrative costs. 

Combined, these TIF Districts encompass approximately 333+/- acres of land.  Since their inception, the City has made a combined investment of $41,982,010 in infrastructure improvements within these Districts, of which $20,803,500 were TIF funds and $21,178,510 were supported by other funding sources.  These investments have served as a catalyst for $128,796,167 in new assessed value generated by several real estate development projects (FY 2025 estimate).  

An overview of each TIF District:

• The North End Opportunity Corridor Tax Increment Finance District (NEOCTIF) was established on March 23, 1998, and most recently amended on April 14, 2014.  This district was established to facilitate cleanup and redevelopment of the former Concord Lumber property and surrounding parcels in the vicinity of Horseshoe Pond and Exit 15 on Interstate 93.  Since 1998, the City’s total capital investment in the NEOCTIF District has been $7,796,200, of which $6,846,700 were TIF supported funds and $949,500 were non-TIF funds ($849,500 from the City’s Economic Development Reserve Fund and $100,000 in donations from the Capital Regional Development Council). To date, this investment has yielded $51,443,800 in new private development (FY 2025 estimate).  Presently, the NEOCTIF District encompasses approximately 68 acres.

• The Sears Block Tax Increment Finance District (SBTIF) was established on September 8, 2003, and most recently amended on August 12, 2019. This district was established to facilitate cleanup and redevelopment of the former Sears Block and surrounding properties located in downtown Concord.  The former Sears Block is now occupied by the Hotel Concord mixed use building and the Storrs Street Municipal Parking Garage.  Since 2003, the City’s total capital investment in the SBTIF District has been $23,054,840, of which $9,232,000 were TIF funds.  To date, this investment has served as a catalyst for $51,491,273 in new private development (FY 2025 estimate).  Presently, the SBTIF District encompasses approximately 22 acres.

• The Penacook Village Tax Increment Finance District (PVTIF) was established on June 14, 2010, and most recently amended on April 12, 2021. This district was established to facilitate cleanup and redevelopment of the former Allied Leather Tannery Site and surrounding properties in Penacook Village, as well as to foster development at Whitney Road.  The City’s total capital investment in the PVTIF District has been $15,017,315, of which $7,325,000 was directly supported by the TIF District.  This estimate includes monies expended by the City on the acquisition, cleanup, and redevelopment of the former Allied Leather Tannery and Amazon Realty sites prior to the establishment of the PVTIF in 2010.  To date, the City’s investment in TIF improvements has yielded $25,861,094 in new private development (FY 2025 estimate).  Presently, the PVTIF District encompasses approximately 243 acres.