LONDONDERRY — It’s early in the game, but town councilors are already thinking about how the town might benefit from a massive new project proposed for the Pettengill Road area.
A 600,000-square-foot UPS facility is moving through the town approval process and is on the fast track to start construction in the next several months.
Councilors approved putting a tax increment financing, or TIF, district in place in that area and are thinking about potential revenues that may come Londonderry’s way once UPS is up and running.
The amount of TIF-generated revenues could be $500,000 or more.
That money would be put into a TIF account and would be used for road expansion in that area or other infrastructure projects.
“Any money can only be used for improvements to that district,” Town Manager Kevin Smith said.
But it’s still early.
“Right now, we’re moving on dirt over there and still going through the whole Planning Board process,” Town Councilor John Farrell said. “We will see what’s built and how it’s assessed.”
He said this is the first time Londonderry has had a TIF district.
“We’re in the discussion stages right now to determine what’s going on and how that area will be built out,” Farrell said.
Farrell said town assessments are done each April.
Pettengill Road has been on the town’s radar for many years as a potential gold mine for development and economic success. The project could open up 1,000 acres near Manchester-Boston Regional Airport for development and could create upward of 10,000 jobs.
The UPS plan could bring hundreds of new jobs to the area. The facility would serve as a distribution facility for Pratt and Whitney parts and supplies.
Pratt & Whitney, a leader in design, manufacture and service of aircraft engines, auxiliary and other power units, announced the project last month.