RSA 79-E (Community Revitalization Tax Relief Incentive) is a legislative proposal that encourages investment in the downtown and village centers with a tax incentive modeled on NH statute (Barn Bill). Its goals are to encourage the rehabilitation and active use of underutilized buildings and in doing so, to
- Promote strong local business
- Promote smart, sustainable growth, as an alternative to sprawl, in accordance with the purpose and objectives of RSA Ch. 9-B.
The developer will be renovating the inside of the entire building. There are currently 2 residential units located on the second and third floors. Those apartments will be completely renovated. There is a vacant first-floor commercial space that will be converted into a three-bedroom apartment. The developer will complete necessary renovations to the exterior of the building for curb appeal.
- Enhances the economic vitality of downtown;
- It promotes development of municipal centers, providing for efficiency, safety, and a greater sense of community, consistent with RSA 9-B;
- It increases residential housing in urban or town centers.
Approve the application for RSA 79-E for 135 North Main Street, allowing tax relief for this building for a period of time determined by the Rochester City Council in accordance with Section 79-E. Economic Development recommends the 7 years requested by the developer.
Section 79-E:5 Duration of tax relief period:
- Substantial rehabilitation tax relief incentive up to 5 years
- Additional tax relief incentive for new residential units up to 2 years