The Town Council passed gave its approval to an expansion of the Economic Recovery Zone (ERZ) located near Manchester-Boston Regional Airport.
Planning Contractor Stu Arnett of Arnett Development Group discussed the expansion with the Town Council at its meeting Monday night.
“The ERZ is a state program which allows companies within the zone to apply for a credit against their BET (Business Enterprise Tax), should they do significant capital investment during their tax calendar, so we are trying to get this in place by Dec. 31 and enlarge the area because we know there are some existing companies that want to take advantage of that,” Arnett said.
Arnett said the town has two ERZs.
“There is not a cost to the town and the tax credit is a state tax credit. It is a fixed dollar amount,” Arnett said.
Arnett said he thinks it will encourage investment in the expanded area.
According to Comprehensive Planner Jon Vogl, the ERZ expansion area adds 200 acres to the 1800 acres that already comprise the zone.
He said the land includes properties south of Commerce Avenue, north of Page Road at the intersection of Rockingham Road, and the land surrounding the Harvey and Grenier Field roads area.
“The Council vote allows the town to go to the state Department of Revenue and Economic Development (DRED) and make application for the expansion,” Vogl said. “Part of the requirements is that it have underdeveloped or vacant land and have structures that are Retail/Industrial and/or Commercial.”