VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
Seacoast Leadership 2013 TIF Case Study
1. Granite State Business Park
Project of the Year 2012
TIF District Case Study
Seacoast Leadership Economic Development Day
May 1, 2013
2. Business Park Development 1989
Howard Katz, Developer
– Phase 1 – 97 Ac
– Phase 2 – 55 Ac
– No Access to Phase 2
• Off to a Great Start!
– Prime Tanning 1994
– Salmon Falls Precision
1994
– Techniweave 1999
– Frisbie Hospital Secure
Storage 1999
• Pease International
Tradeport 1992
3. Granite State Business Park 2010
• 62.2% of Phase 1 is
developed
• 421,500 sq ft/ 5bldg
• 425 Employees
• Assessed for Taxes
$15,740,000
• Payroll $19 MM
• Manufacturing Changes
– Prime Tanning
closed, Rand-Whitney
Corp.
– Salmon Falls Precision
closed, Multi-Tenant
– Techniweave acquired by
Albany International, bldg
expansion in 2007
– Industrial Condos 2006 &
2009
• Still owned by same
developer
5. Local Economic Challenges
• Great Recession
• Existing Companies
with Unique Products
• Thompson Center Arms
announces relocation to
– Advanced
Manufacturing
MA – INCENTIVES!
– Composite Materials
• Lack of available Capital,
• Developer willing to
increased underwriting
sell @ discount
standards
• Expansion
• Lots of available real
opportunities
estate – CHEAP!
• Transition in required mfg
skills
6. TIF District & Program Plan
Financing & Development Program Plan:
•
•
Defines district, budget, use of funds, etc.
Adopt by public hearing. See RSA 162-K:6 and 162-K:9.
Plans must “contain a complete statement as to the
public facilities to be constructed, the open space to
be created, the environmental controls to be
applied, the proposed reuse of private property, and
the proposed operations of the district after the
capital improvements within the district have been
completed.”
7. Important Features!
Multiple TIF Districts are
allowed, HOWEVER:
• Do not exceed 8% of
Assessed Value for
community (or
• 16% for all combined with
districts that have
outstanding bonds);
OR,
• 5% of total acreage! (or
10% of total acreage for
bonds outstanding)
• Increment only accrues
after date district is
established!
• Values as of April 1.
• Bonds – First payment
must be within 5 years.
• Last payment no later than
30 years.
• Bonds are NOT to be
included when computing
the municipality's net debt
under RSA 33.
8. TIF Example
Pre-construction or “Original” value = $1,000,000
Post Construction Value = $50,000,000
• Increment or “Captured Value” = $49,000,000
• Tax revenue on $1,000,000 “Original” value =
• $25,000 ($25 / $1,000 A.V. Tax Rate)
• Tax revenue on increment = $1,225,000
• $25,000 to General Fund
• $1,225,000 to TIF for debt service, operating costs,
maintenance & reserves.
Increment Value is based on April 1st each year
9. Critical Deal Components
• Internationally Competitive
RFPs
• Two Partners
• Incentives - on-site and offsite +$9 M
– “blighted” location
– RSA 205 never used
• City investment in BIG
infrastructure +$5 Million
– Access to Site
– Wetland mitigation package
– Utilities, relocation of PSNH
transmission lines
• Critical Timing of
Construction
• Collaborative Partnerships
–
–
–
–
–
City Staff & Elected Officials
DRED, DES (EPA, Army Corp)
Governor Lynch
NH Northcoast RR
PSNH, Unitil, FairPoint
• Labor availability & cost
– Skills shortfall
• Training program for 20+
years worth of employees
– Great Bay Community College
– Creteau Technology Center
– Advanced programs
• $4 M NH, $19.9 M US
10. Safran/Albany LEAP Facility
This Albany & Safran
project will create:
–
–
–
–
–
343,000 ft2 facility + 90,000 ft2 exp
$100MM CAPEX
55 acres under agreement for exp
689 FT jobs
$41MM Annual Payroll
911 indirect jobs
$27.5MM Payroll
Total Economic Output
(NH) $232,781,044
Tax Increment pledged for
~15 years to debt
service of $9 MM
11. Granite State Business Park 2013
• Expanded to 252 ac
• Development District
– +$5M Infrastructure
• Incentives
–
–
–
–
TIF District
ERZ Tax Credits (NH)
R&D Tax Credit (NH)
FTZ (US)
• Anticipated Development
– 50 Acres Under Agr.
– Lot #1 Sold – Jan 2013
– Lot #33, 34, 35 Avail.
– 102 Add’l Acres under
Investigation
2003 Value $5,128,800 330,865 ft2
2012 Curr Value $14,712,207 +186.854% inc
423,666 ft2 Revenue $359,689
2030 Est. Value $34,740,000 +236.13% inc.
1,596,900 ft2 Revenue $892,223
12. “If it’s happening in NH,
it’s happening in Rochester!”
- Economic Development
- Planning, Zoning
- Code Enforcement
- Building Safety
@RochesterEDC
www.thinkrochester.biz
Karen Pollard, CEcD, EDP
Deputy City Manager/Director
Community Development Division
Karen.pollard@rochesternh.net