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Council grants RSA 79‑E tax relief for downtown Pemico building, with covenant to limit future changes
Summary
After a public hearing and several public speakers in favor, the Laconia City Council approved RSA 79‑E tax relief for the Pemico building on Main Street, capping assessed valuation through March 31, 2031 and adding a covenant that voids the exemption on significant changes in occupancy or sale.
The Laconia City Council on March 24 approved tax relief under RSA 79‑E for the property at 622–634 Main Street (the Pemico building), following a public hearing that drew multiple speakers in support.
Under the council motion, the city will cap the assessed valuation of the property at $370,400 through March 31, 2031; after that date the property will be assessed at fair market value. The motion includes a covenant that will void the tax relief if the building is sold, in whole or in part, or if there is a ‘‘significant change to the occupancy type’’ that departs from the improvements presented to council (for example, changes that require a new change-of-occupancy approval by the fire department). The city manager is authorized to sign related documents.
Nut graf: The relief is intended to encourage rehabilitation of a roughly 30,000-square-foot downtown building whose owners plan to add three apartments on the second floor and relocate an architectural firm to the third floor, while preserving retail on the ground floor. Supporters told the council the investment will revitalize underused space and benefit downtown businesses.
During the public hearing, multiple nearby business owners and residents described long-term ties to downtown and urged approval. Project co-owner Sonya Moshashuk and co-owner Chad Montrose described plans to renovate upper floors, add sprinklers and fire-alarm upgrades, improve storefronts and add lighting in the alley between buildings. Patrick Wood and John Moriarty also spoke in favor of the project’s economic benefits.
Council discussion addressed the length of the exemption (council approved five years in earlier related votes) and the need to include a covenant to protect the city if the property is later subdivided or converted to condominiums. The council recorded the motion approving the assessment cap through March 31, 2031 and said the covenant language will specify that a sale or a major occupancy change will void the exemption. The motion passed on a 6-0 vote.
Ending: The project proponents said they have secured financing and will proceed with permitting and building-permit work; the council directed staff to draft the covenant language and prepared documents required to implement the RSA 79‑E agreement.
