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Hooksett officials propose up to $10 million TIF bond to fund exit‑area sewer upgrades
Summary
Town Administrator Andre Garrantown told the Economic Development Committee that the town will ask voters this year to authorize bonding up to $10,000,000 to support sewer and related infrastructure projects within the town’s TIF district.
Town Administrator Andre Garrantown told the Economic Development Committee that the town will ask voters this year to authorize bonding up to $10,000,000 to support sewer and related infrastructure projects within the town’s Tax Increment Financing (TIF) district.
"You'll see a bond being proposed this year, for the upcoming vote, with regard to bonding up to $10,000,000 for the within the TIF district," Andre Garrantown said. He added that the town will only bond amounts that can be covered by the TIF proceeds and that no general tax dollars will be requested.
Garrantown described the funding target as intended to complete sewer connections and upgrades tied to Exit 10, including a connecting pipe beneath the Merrimack River to the Martins Ferry pump station and upgrades to the force main back to the treatment plant. He said prior work in the TIF included infrastructure installed under a public‑private partnership with Granite Woods, and that the accumulation of tax increment revenues from recent and proposed developments (including Old Dominion and Marmon Defense) will allow the town to pursue the bond.
Why it matters: Bonding within a TIF district allows the town to use incremental tax revenue generated by development inside the district to finance infrastructure needed to support additional development. Garrantown said the town will only issue debt up to the amount the TIF can support; if proceeds support only $5,000,000 the town would only bond that amount.
Next steps: Town staff said they will place a bond question before voters. If approved, the funds would be used to build sewer extensions, pump station work and related force‑main upgrades; the projects would unlock additional development opportunity in the TIF district but still require individual project approvals.
Source and context: The funding plan and project descriptions were discussed during the Economic Development Committee meeting. No final bond authorization or detailed project bidding had been completed at the time of the discussion.
