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- Tax Increment Finance Districts (TIFDs)
Tax Increment Finance Districts (TIFDs)
Tax Increment Financing (TIF) is a development tool that allows a municipality to address problems or encourage development within a particular area of town. With the reduction in federal and state funding, it provides one of the few mechanisms where a municipality can make a major effort to revitalize targeted areas of the community. TIF can provide a means for financing needed infrastructure improvements which the general fund cannot afford, using "captured revenues" that neither the schools, the county, nor the taxpayers of the community are losing.
Jaffrey has two TIF districts - the Downtown TIFD and the Stone Arch Bridge TIFD.
Downtown TIF (see documents below)
As outlined in the original Financing Plan, the objective of this Tax Increment Finance (TIF) District is to establish and maintain a Main Street Program for the Town of Jaffrey. An active Main Street program called TEAM Jaffrey has been established, and is currently maintained, in part, by funds generated by this TIF District. The continued financial support of TEAM Jaffrey remains a top priority of this revised plan. The Jaffrey Economic Development Council has approved the following projects for inclusion in this revised plan:
- Main Street Program Support
- Economic Development/Marketing
- Downtown Traffic: Safety & Pedestrian Improvements
- Elite Laundry Remediation
- Downtown Improvements
- Community Field
Stone Arch Bridge TIF (see documents below)
The objective of this Tax Increment Finance (TIF) District is to help meet the infrastructure needs of the Industrial Park, including setting up a capital reserve account for infrastructure needs and bringing Town water to the District. The Jaffrey Economic Development Council has approved the following projects for inclusion in this revised plan:
- Economic Development/Marketing
- Capital reserve fund for infrastructure improvements, i.e. Old Sharon Road Safety Audit
- Construction Bond for Water Mains Extension
Stone Arch Bridge TIFD Financing Plan