This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Keywords: New Hampshire, redevelopment, tax increment financing plan, interlocal agreement, implementation plan New Hampshire Redevelopment and Tax Increment Financing Plan (SHRIMP) is a government initiative that aims to revitalize and enhance communities in the state of New Hampshire. The plan utilizes tax increment financing (TIF) to fund various redevelopment projects and stimulate economic growth. The implementation of the plan involves the establishment of an interlocal agreement between multiple jurisdictions to collaborate and coordinate efforts effectively. The SHRIMP encompasses multiple types of redevelopment and tax increment financing plans tailored to the specific needs of different regions within New Hampshire. These plans can include: 1. Urban Redevelopment: This subset of the SHRIMP focuses on revitalizing neglected urban areas, promoting mixed-use development, improving infrastructure, and attracting new businesses. The tax increment financing mechanism allows for funds to be generated from the increase in property tax revenues resulting from the redevelopment projects. 2. Industrial Redevelopment: This category aims to transform underutilized or abandoned industrial areas into thriving economic hubs. The SHRIMP provides financial support for infrastructure upgrades, environmental remediation, and the creation of employment opportunities in these areas. 3. Historic Preservation: Communities rich in historical landmarks and buildings benefit from this type of plan. The SHRIMP offers financial incentives for the restoration, preservation, and adaptive reuse of historic properties, which contribute to the cultural and tourism appeal of the region. 4. Infrastructure Improvement: This plan focuses on upgrading and expanding essential infrastructure, such as roads, bridges, utilities, and public transportation systems. The SHRIMP uses tax increment financing to fund these critical infrastructure projects, thereby improving connectivity, enhancing safety, and accommodating future development. The successful implementation of the SHRIMP relies on the establishment of an interlocal agreement. This agreement outlines the responsibilities, roles, and cooperation mechanisms between different jurisdictions, such as municipalities, counties, and regional planning commissions. It ensures effective communication, coordination, and governance throughout the redevelopment process. In conclusion, the New Hampshire Redevelopment and Tax Increment Financing Plan (SHRIMP) is a comprehensive strategy to revitalize communities and promote economic growth in New Hampshire. The plan encompasses various types of redevelopment plans, including urban, industrial, historic preservation, and infrastructure improvement. The implementation of the plan is facilitated through interlocal agreements that foster collaboration among different jurisdictions. Through the SHRIMP, New Hampshire aims to create vibrant and sustainable communities by leveraging tax increment financing to fund critical redevelopment projects.
