WHAT’S A “TIF” DISTRICT?
The acronym “TIF” stands for Tax Increment Financing and the concept was provided to communities by New Hampshire RSA 162-K. The South Peterborough TIF District was adopted at Town Meeting October 26, 2017. Any increase in taxes generated from new construction, expansion, or renovation of a property within the District since its adoption goes towards a fund for infrastructure improvements within the District.
WHAT ARE THE INFRASTRUCTURE PROJECTS?
The Peterborough Department of Public Works keeps track of the maintenance needs to all of the Town’s infrastructure: bridges, culverts, sidewalks, etc. In the Fall of 2020, Director of Public Works and Assistant Town Administrator Seth MacLean began the process of getting engineering cost estimates for upcoming infrastructure maintenance which included a handful of projects within the South Peterborough TIF District. Those necessary infrastructure projects are:
1) Morrison Road bridge over the Contoocook River (NHDOT Bridge No. 081/069)
· Rated 6 under the National Bridge Inspection Standards (0 is worst and 9 is best)
· Current required work includes, but is not limited to, the of replacement of the waterproofing membrane, repairs to concrete deck, and abutment repairs.
· Hoyle, Tanner & Associates, Inc provided two options for renovating the bridge: Option A is a complete bridge replacement while Option B is rehabilitation with the addition of a pedestrian footbridge over the river
2) Old Sharon Road over the Contoocook River (NHDOT Bridge No. 075/063)
· Rated 1 under the National Bridge Inspection Standards (0 is worst and 9 is best)
· Bridge currently holds up a water main and is in disrepair
3) Powersbridge Road over Unnamed Brook (NHDOT Bridge No. 091/067)
· Superstructure and deck are rated 5 under the National Bridge Inspection Standards (0 is worst and 9 is best)
· Substructure is rated 6 under the National Bridge Inspection Standards (0 is worst and 9 is best)
4) Powersbridge Road Culvert
· Hydrologic and hydraulic analysis in 2018 found it to have insufficient hydraulic capacity and it did not provide the minimum one foot freeboard for a 50-year flood event
· No National Bridge Inspection Standards rating because its not large enough to be apart of the NHDOT Bridge Inventory
Monadnock Region of Southwest NH: Industrial Ecosystem Report