CIP - TIF Funds

The TIF Funds portion of the proposed fiscal years 2024-2029 Capital Improvement Program (CIP) totals $4,000,000 in FY2024. More information about the first-year request is below. Refer to the CIP book a complete list of projects and descriptions proposed for fiscal years 2025 through 2029.

Waterfront Development – Site Improvements / Dredge Cell Closure

This portion of Washington Street (from River to Towne Drive) is in very poor shape and is not intended to handle large volumes of traffic. This upgrade will allow for increased traffic routing options and provide an attractive alternative entrance for visitors to Maglaras Park.
The design will transition the road from the urban core to the residential area of Henry Law Avenue with a parkway design as it flows through Maglaras Park. Further enhancements include raising the property's elevation six feet to account for sea level rise and restoring the shore land, which has eroded over time.

As part of the land development agreement, the city agreed to fund $15 million in site improvements, to be repaid through tax guarantees. Previously, $6.6 million had been allocated through the CIP. As the site development plan has progressed, the need for additional funding has been reached.

This project also caps and closes the dredge cell site used to place the materials removed from the Cochecho River during the most recent dredging efforts. Work includes properly decommissioning and closing the dredge cell per the approved plan for the site and building a parking lot on the closed cell.

Cost: $4,000,000