Special Board of Aldermen Meeting: TIF District Expansion for West Pearl Street & Mill Yard (March 17, 2026)

The Nashua Board of Aldermen held a special meeting on Tuesday, March 17, 2026, at 7 p.m. in the Aldermanic Chamber. The meeting featured two public hearings: one on a project plan amendment to the School Street Tax Increment Finance (TIF) district to fund the West Pearl Street streetscaping project, and another on an ordinance to expand the TIF district into the Mill Yard area to support future riverfront development. No public testimony was offered on either item. The meeting adjourned at 7:30 p.m.

Public Hearings

• R-26-014 (West Pearl Street Streetscaping): Director of Administrative Services Tim Cummings presented a proposal to amend the School Street TIF development program to designate the West Pearl Street streetscaping project as an official project. The TIF currently holds a balance of just over $700,000, with about $165,000 in eligible annual increment. The project is 100% designed and has a funding gap of approximately $2.5 million. The amendment would allow the city to use TIF funds (cash or debt) for construction. The city previously notified businesses along the corridor and both the county and schools about the proposal. No public testimony was offered in favor or opposition.
• O-26-003 (TIF District Expansion into Mill Yard): Economic Development Director Liz Hannem and Community Development Director Sullivan outlined an expansion of the existing TIF district to include 18 parcels in the Mill Yard area (66 acres total). This expansion would allow the city to use TIF revenue to plan and fund public improvements (dog park, playground, walking trails, boardwalks, pedestrian pathways) as outlined in the 2017 Riverfront Master Plan. The expanded district would represent less than 1% of the city’s total taxable value. Estimated future annual tax revenue from new developments (NIMCO, Bagshaw, Mill Yard) is just over $2 million, with roughly two-thirds going to the TIF fund and one-third to the general fund. No general fund money would be used. The city has consulted with Mill Yard Associates, Mine Falls group, and the TIF advisory group, and received generally positive feedback. No public testimony was offered in favor or opposition.

Discussion Items

• Alderman Clee clarified that the Mill Yard expansion corresponds to Quadrant 1 of the Riverfront Master Plan (not Quadrant 4, which is BAE). Director Hannem explained the master plan’s quadrants are numbered west to east, but project phases follow available revenue rather than quadrant order.
• Alderman Greg asked about potential property tax increases for residents in the new TIF area. Director Hannem stated that while property values tend to increase in TIF districts, the magnitude cannot be predicted because it depends on how fast development occurs and market factors. She noted that correlation exists but not necessarily causation with TIF investments.
• Alderman Johnson requested that the slides be emailed to all aldermen for further study, and expressed concern that adding more apartments without attracting higher-paying jobs would make housing unaffordable for existing residents. Director Hannem responded that a strategic business recruitment plan is under development (expected within six months) and that the community prioritized housing for the NIMCO site through a study, but broader industrial recruitment is being addressed citywide.

Key Outcomes

• The public hearings on both R-26-014 and O-26-003 were closed without any testimony from the public.
• The board adjourned the special meeting at 7:30 p.m. by a unanimous voice vote, with plans to reconvene in five minutes for the regular meeting.
• No votes were taken on the resolutions or ordinances during this special meeting; debate was deferred to the following regular meeting.