Dover city councilors approved a tax increment finance district to pay for infrastructure improvements along the city’s waterfront at a Feb. 11 meeting.
TIF districts are a development financing tool that use future gains in property taxes to pay up front for capital improvements that will enhance an area and attract development. Revenue generated from new development is then used to pay for the improvements in the district.
The TIF district, which includes Henry Law Avenue, Cochecho Street, River Street, and a section of Portland Avenue near the Cochecho River, will help pay for approximately $6 million in improvements to the area, including work on roads and utilities.
The council approved the TIF district by an 8-1 vote, with councilor Catherine Cheney opposed. — Larry Clow