District Improvement Financing (DIF)
Suburban
Case Study

Concord, New Hampshire
Redevelopment of Lumberyard and adjacent Mill Building

TCorporate Center at Horshoe Pond.he city of Concord, New Hampshire, used DIF as one of several tools to redevelop the site of an abandoned lumberyard and mill building. The 40-acre site is a highly visible location, at the intersection of I-93 and I-393, on the edge of the Concord's downtown. The site was contaminated and home to several dilapidated buildings. Not only was the site a poor contributor to the city tax base, it detracted from the City's visual image. Travelers passing through Concord to mountain vacation spots, saw the blight, and nothing invited them to explore the otherwise, vital and charming downtown district.

Abandoned mill converted into elderly housing.Concord undertook a planning study, which identified a need for a first class hotel and conference center. This use was compatible with the City's mostly white-collar work force. Working with a specially created non profit agency, Concord acquired the land for under assessed value, and issued bonds to fund needed improvements in access roads. The city then partnered with a private developer to build the hotel conference center. The site now houses adjacent office buildings. The abandoned mill has been converted into elderly housing.

The owner of the hotel/conference center pays taxes to the city. The city uses the tax increment. The tax revenue, due to the difference, is a current assessed value, the original assessed value to pay off the bond debt. The final result is increased $40 million dollars in tax base for the city, a flourishing project for the private developer, increased availability of elderly housing, creation of new jobs, prevention of the spread of blight and an attractive site that marks the entrance to Concord.