By Nicholas Brown
Staff Writer

Shown here within the red borders, the proposed TIF district occupies several parcels off I-93’s Exit 11, and extends as far north as the Village area.

With representatives of two different outdoor sports retailers – Cabela’s and Gander Mountain – in attendance, the Hooksett Town Council recently formed a 150-acre business district, aimed at luring large commercial developments to the area around Interstate 93’s exit 11.

The tax increment financing, or TIF, district was spurred by talks with representatives from Cabela’s, a publicly traded Nebraska company eyeing several New England sites for retail expansion.

Shortly before councilors voted 7-1 to form the district, councilors heard largely supportive testimony from residents filling the council chambers at a Wednesday, Feb. 22, public hearing.

While the town council formed the TIF boundaries, a TIF plan – which could mean a multimillion-dollar bond to fund infrastructure improvements to the area – would need voter approval at a Town Meeting.

Councilors have said the Exit 11 TIF plan could could demand more than the $2.7 TIF bond used for road improvements to Hooksett’s other TIF district, at Exit 10.

That district, which features large retailers including Home Depot, Target and Kohl’s, has netted the town about $1.7 million over the last five years in general fund money, after bond payments.

Council Chairman Michael DiBitetto said some numbers for the new TIF plan have been discussed with Cabela’s, but said, “The plan and the dollars are yet to be put forth.”

“We’re not going to put out a half-baked cake,” he said.

At the public hearing, councilors stressed, based on closeddoor conversations, that payments on the potential TIF bond would be guaranteed by parties independent of the town, no matter the success of the new district at generating new tax revenue.

The newly approved TIF district is composed of mostly undeveloped area around Exit 11 and extends into parts of the village area.

Hooksett Town Planner Charles Watson said the strategy behind the TIF boundaries was to include as much appropriately developable land as possible.

The district includes the Lilac Bridge, which could be the conduit for sewer upgrades to feed the potential large retail area, which could include hotels, restaurants and other commercial projects.

“Should this happen, our plan includes a hotel on that site,” said Ed Eckman, a site evaluation manager for Cabela’s, which often seeks TIFs when scouting new locations.

“(Exit 11) is not an an attractive site today without the infrastructure,” said Eckman.

Eckman said the company is considering a 125,000- to 130,000-square-foot store for the Hooksett location.

One resident questioned why the Exit 11 area should be the subject of a TIF plan, when large retailers Wal-Mart and Lowe’s are currently proposing stores in the Hackett Hill area, without TIF money.

“They pigtailed off the (Exit 10) TIF,” said Councilor Mike Jolin, suggesting that the two retail giants wouldn’t have been interested in the area without the road improvements already in place.

DiBitetto suggested that the speed of development around Exit 10 without that TIF district is only speculation.

“If pigs could fly, they’d be birds,” he said.

A representative of Associated Grocers, Bob Smaha, said the company considered the Exit 11 area for a massive distribution center several years ago, but was dissuaded by the lack of infrastructure. The center opened last year as the flagship of Pembroke’s new TIF district.

Councilors have declined to speculate on the timing of a special town meeting for the TIF plan.