ROCHESTER — City Manager Blaine Cox and Mayor Caroline McCarley are pleased to announce a downtown property has been accepted into the city’s Community Revitalization Tax Relief Program.
On Thursday, Feb. 20, the city signed a Covenant to Protect Public Benefit for the renovation project at 10 South Main St. As part of this agreement, the owners will be granted tax relief for seven years beginning once substantial completion of the project is met.
The renovation will update the commercial space on the first floor and add three new apartments on the second and third floors, for a total of four apartments in the building. Windows added on the north-facing side of the building will allow more light to the commercial and residential units. Currently, there’s commercial space on the first floor, office space on the second floor and an apartment on the third floor, though most of the building has been historically underutilized.
“The Community Revitalization Tax Relief Program helps support and encourage property owners to invest in buildings downtown,” City Manager Cox said. “Projects like this are key to making the downtown a more vibrant and attractive area, and this enhancement will be a big step toward achieving that goal.”
The program grants relief under state RSA (Revised Statutes Annotated) 79-E, a state law that provides tax incentives for investment in historic downtowns, enabling owners to invest in refurbishing existing commercial buildings in order to extend building lifespans and promote economic vitality.
Built in 1830, the building was first home to Dominicus Hanson’s Apothecary Store and later Ainslie’s Drug Store. The third floor was added in 1881 after a fire in the building.
Work is expected to start sometime in the next few months.