Ned Lizotte wants more businesses to choose Loudon.
The way Lizotte sees it, if the town can attract more development with business-friendly policies and its close proximity to Concord and Interstate-93, that could alleviate some property tax pressure on residents.
It all starts with Route 106, the town’s main commercial and industrial thoroughfare.
“If we can really make 106 work the way it could work, then that would create the promotions of like, ‘Wow, you know, Loudon is really doing something,’ because for 30-plus years it’s been relatively dormant,” Lizotte said. “Kind of building and filling that out makes logical sense so that we can increase our tax base without increasing our costs.”
The Economic Development Committee, which Lizotte serves on, is proposing a temporary tax break as an incentive. The exemption would delay the full municipal and local school property tax impact by five years for businesses seeking to build, rebuild, modernize or expand within Loudon.
At the same time, Lizotte said at a public hearing on the proposal last month, the town would get an immediate boost.
The five-year progression, as the committee suggested, would start with the business getting a 50% tax discount off the assessed value of the completed development. Each year, that discount goes down by 10%, until the business pays the full assessed value.
Town leaders hope the tax incentive would help fill vacant lots along Route 106, which bring in next to no revenue.
Fire Chief Tom Blanchette, who also serves on the committee, said at least one business has reached out in search of incentives — which he would like to provide to make up for other hurdles that businesses face in town, like a lack of infrastructure.
Voters will decide whether to approve the measure at town meeting and will get to control where in town the exemption would apply, define the “public benefit” standards a business needs to meet, and the maximum length and percentages of the tax exemption.