LONDONDERRY — Finding money to build Pettengill Road has been a long-running struggle for town officials, but bills filed at the state and federal level could help move the process along.
U.S. Sen Kelly Ayotte, R-N.H., and Sen. Sharon Carson, R-Londonderry, were at the intersection of Pettengill Road, Raymond Wieczorek and Roundstone Drives April 16 to discuss legislation that could benefit the project.
The bills seek to create infrastructure banks to leverage money for financing massive infrastructure projects like the Pettengill Road construction.
The project, if given the estimated $12.5 million needed to build it, would open 1,000 acres for development and create 10,000 to 25,000 jobs near the Manchester-Boston Regional Airport, according to one study.
Getting the project going could spur more growth in the area, Carson said.
“You’re going to get other businesses that are going to want to come here,” Carson said. “Think of all the people that work here that want to have a place to eat. There are other amenities that might get built.”
Town Manager Kevin Smith said getting the project going would be a huge boost for Londonderry.
“We already know that there’s users that want to move in this area, that just need the road to be built,” Smith said. “We know they’re there. They exist and will provide a lot of tax revenue to the town and the state.”
Infrastructure banks pool public and private resources to fund infrastructure work like transportation projects.
“You’re really commingling money, federal, state and private investment money, and making it available at reasonable rates for municipalities to build projects like Pettengill Road,” Carson said.
Many states used infrastructure banks to help pay for projects until the authorization to do so expired in 2009, Ayotte said. She has frequently brought attention to legislation at the federal level that would help reignite the process and bring it back temporarily.