The provisions of R.S.A. Chapter 79-E Community Revitalization Tax Relief Incentive are hereby adopted, subject to the following limitations.
(A) Pursuant to R.S.A. 79-E:2 II, QUALIFYING STRUCTURE means a building located within the Central Business Service District (CBSD) as defined by the Board of Mayor and Aldermen pursuant to § 37.02, or the Redevelopment District (RDV) as defined by
Article 4.01 A.10 of the Zoning Ordinance of the City of Manchester.
(B) Pursuant to R.S.A. 79-E:2 IV, SUBSTANTIAL REHABILITATION shall mean rehabilitation of a qualifying structure which costs at least 15% of the pre-rehabilitation assessed valuation or at least $75,000, whichever is greater.
(C) Pursuant to R.S.A. 79-E: 5, the Board of Mayor and Aldermen, in its discretion, may grant a tax relief period of up to, but not exceeding, five years. The Board of Mayor and Aldermen may grant up to an additional two years of tax relief for a project that results in new residential units and up to an additional four years for a project that includes at least two-thirds new affordable housing units.
(D) Pursuant to R.S.A. 79-E: 5 IV, Sub-stantial rehabilitation or replacement shall commence within 12 months of the date of the Board of Mayor and Aldermen’s decision granting tax relief. Failure to timely commence substantial rehabilitation or replacement shall cause said tax relief to expire.
(Ord. passed 4-7-15; Am. Ord. passed 3-5-19; Am. Ord. passed 5-2-23_