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Selectmen review TIF (Revenue Development District) finances as early closure is considered
Summary
The board discussed dissolving the Swansea Revenue Development (TIF) District and reviewed preliminary 2025 balances. Staff reported a projected 2025 fund balance of $23,933.98 and described prepayments (~$257,243.71) and expected increment revenue (~$280,000), which could clear prior deficits.
The Board of Selectmen discussed whether to close the Swansea Revenue Development District (TIF) early for 2026 but said it needs original foundation documents and final payoff numbers to prepare a ballot warrant. Town finance staff reported preliminary figures showing a projected 2025 fund balance of $23,933.98 after accounting for incoming December billings.
Staff reviewed historical deficits, citing roughly $147,007.50 in 2023 and $68,527 in 2024, and explained that substantial prepayments (reported as approximately $257,243.71) had been used to cover early debt service. Staff said the district is generating roughly $280,000 in increment this year, and after paying debt service it should move to a small positive balance and reduce prepaid obligations.
Board members discussed the mechanics of an early payoff, including the need for a recent payoff statement from TD Bank and the accounting window for payment. One option discussed was using Invest New Hampshire funds (rather than the general fund) to avoid depleting the town’s operating reserves. The board requested spreadsheeted projections to confirm options and timing; no final decision to close the district was recorded at the meeting.
