A four-lane road would cost an estimated $12.5 million and would open 1,000 acres for development between the airport and Interstate 93.
The study estimated the project could generate $7.5 million a year in property taxes.
A study by Laconia-based Applied Economic Research last year projected the potential for 10,000 to 25,000 jobs from a business park development planned there.
“Overall, there is no more attractive tax-generating investment Londonderry can make it itself than the Pettengill Road infrastructure,” the study concluded.
Another large project — a 250,000 square-foot distribution facility — is also in the planning phases for that area.
The town has applied for a potential $8.2 million in federal transportation funds from the economic-recovery program Transportation Investment Generating Economic Recovery to support the Pettengill project.
Arnett said that money, along with a potential $4 million for sewer costs, could bring the TIF bond total up to $12.2 million. It would be a 20-year bond.
He said a TIF could work for Londonderry.
“A TIF is not a fix for a bad idea, a bad idea is still a bad idea,” he said. “But it’s a good way of helping a good idea get better.”
The next step is to continue to have public informational meetings, including meeting with school officials and county commissioners.
Public hearings would follow and a final Town Meeting vote could be on the ballot next March.