Berlin continues economic development efforts
TIF district eyed near Jericho Mountain State Park
According to The Berlin Sun, the Berlin Industrial Development and Park Authority has hired a consultant, ADG Solutions of Concord, to look at creating a tax increment financing district centered on the Route 110 area near Jericho Mountain State Park. And it is looking at incentives that will make it financially viable to attract a small hotel to be located in the city.
A TIF district allows for the financing of public improvements within a defined district using new tax revenues generated by new construction or expansion of businesses. In the case of Route 110, some property owners have expressed a desire to take advantage of the interest in ATV riding created by the park to build and operate new commercial businesses in that area.
Meanwhile, a study was recently completed on the feasibility of attracting a small hotel to Berlin. Pinnacle Advisory Group of Boston was hired to conduct a market demand study that looked at whether there was sufficient demand to support a 60-bed hotel in Berlin.
Although Pinnacle found that leisure demand would be strong in July and August and February but the demand for lodging in the shoulder seasons would a problem. The study also found that the city lacked corporate demand, but it added that incentives and creative financing could change that assessment as could increased development in the city.