Derry Town Council Approve Retaining Funds For TIF Districts

By Alex Malm

One of the agenda items discussed during the Nov. 1 Derry Town Council meeting was in regards to how much value they would retain for the different TIF Districts they have in town.
It was explained by Town Administrator, Dave Caron, that the Town Council had previously established two Tax Increment Financing Districts in order to support economic development in town. The original two districts were the Rt. 28 North District, and the other was the Ash Street District.
When the Rte.28 North District was expanded into the downtown area it was then changed to the Derry Commerce Corridor TIF District, and the Ash Street District is now called the Gateway TIF District.
As part of TIF Districts the tax base that is there when the district is established stays with the General Fund in order to support town wide municipal obligations, as well as school and county expenses.
Any additional assessed value that comes from it then is used to fund the District Development Plan. The new value is called Captured Assessed Value.
It was explained by Caron when the CAV creates more revenue than what is needed to implement the plan, the Council is able to decide if they want to un-retain any portions of a CAV. He said right now they un-retain $60 million in value from the Derry Commerce Corridor TIF.
However, it was explained by Caron that after an error was noticed it was determined that more funds would be needed in the CAV, which means they would have to reduce the amount of the unretained funds they have.
Caron said they were requesting to put $6,480,400 in value back into the CAV.
The Town Council ultimately unanimously approved changing the un-retained CAV to $53, 519,600.
Caron stated they were also requesting they have $34,912,472 in Captured Assessed Value for the Gateway TIF District. He said the recommendation was to retain all of it.
The Town Council unanimously approved retaining $34,912,472 into the CAV for the Gateway TIF District.
During Town Council comments, Town Councilman, Brian Chirichiello, who also serves as Rockingham County Commissioner, noted that the County has a rental assistance program.
He said that while the run being done through the state is going away, the County has their own, which will be continuing.
Chirichiello said if there is someone out there who is in need or is facing eviction, they should reach out to the County.
“There is help there,” said Chirichiello.
Chirichiello stated that people on the program can also collect utility assistance potentially.
“It’s very fortunate that Rockingham County has that money,” said Chirichiello .

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