8:30 a.m.
Friday, June 2, 2017 8:27 am
|
ROCHESTER - Rochester has established several Economic Revitalization Zones to promote business redevelopment in the city, a press release from City Manager Daniel Fitzpatrick announces earlier this week.
In all, Rochester has established six Economic Revitalization Zones:
- Cocheco Zone (125 South and Old Dover Road area)
- Downtown
- Gonic
- Granite Ridge
- Granite State Business Park
- Milton Road
"We're always looking for new ways to stimulate economic growth in Rochester," Fitzpatrick said. "The six areas we identified are ones that we see have the most potential to benefit current and future businesses, as well as residents and the community as a whole."
The state of New Hampshire offers communities with designated Economic Revitalization Zones short-term business tax credits for projects that improve infrastructure and create jobs in designated areas of the community.
New Hampshire has designated $825,000 statewide, per year, to be made available for Economic Revitalization Zone tax credits.
An Economic Revitalization Zone is defined as:
- An unused or underutilized industrial park, or
- Vacant land or structures previously used for industrial, commercial, or retail purposes but currently not used due to demolition, relocation of the former occupant's operations, age, obsolescence, deterioration, brownfields, or cessation of operation resulting from unfavorable economic conditions either generally or in a specific economic sector.
For businesses to qualify for the tax credit, they must create at least one full-time job and make infrastructure improvements (equipment purchases meet eligibility requirements). Business owners who would like to check program eligibility or have questions, are encouraged to call Rochester's Office of Economic & Community Development at 603-335-7522 or visit them online at rochesteredc.com.