Letter: A TIF in between Penacook and Concord

Published: 5/16/2021 8:00:50 AM

Every morning as I drive by the new construction, I want to be excited about finally having a grocery store in my neighborhood. But I’m not. I’m angry that the people of Penacook are being treated so shabbily by those elected to represent them. It’s both disappointing and frustrating that while the wards of the city are represented by a resident of each ward, in Ward 1, which includes Penacook, our representative doesn’t reside in Penacook.

At present, there's little commercial property generating tax revenues to help alleviate the property tax burden in Penacook. The development at Exit 17 could’ve been that help to the taxpayers of Penacook, who have a rate more than 3% higher than the residents in Concord proper. This is the case even though the per-pupil cost of education is $900 less in the MVSD. Unfortunately, that relief won’t be coming to the residents of Penacook because the city council has voted to capture those proceeds in a greatly expanded TIF district that’s been created to encompass the new construction at Exit 17. As a TIF district, the revenues generated in Penacook will not be used to benefit Penacook. I realize a TIF district can be beneficial in spurring further economic development, but the revenues do not need to be captured in an all-or-nothing process. MVSD and the people of Penacook are asking the city council to share those revenues to help alleviate the tax burden on the residents of Penacook.

Tracy Bricchi

Penacook




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