Site preparation work for the Penacook Landing Project at the former Tannery site is underway. The City has engaged Jeremy Hiltz Excavating in the amount of $401,667 to demolish remaining buildings at the property, as well as to install a new sewer pump station, and make other site improvements to support the Caleb Development Corporation’s forthcoming redevelopment project.
The demolition work is being financed by a $500,000 Community Development Block Grant at no cost to the City. The work will take approximately 60 days to complete. Once completed, the Caleb Development Corporation will close with the City on the acquisition of approximately 2.5 acres of the 4 acre site, for the sum of $540,000, for their 54 unit housing project.
Upon closing, Caleb will immediately proceed with construction of Phase I of their project (34 units), which will take approximately 12 months to complete. The schedule for Phase II of the project (20 units) has not be determined and is subject to Caleb securing additional federal tax credits from the NH Housing Finance Authority. When fully built out, 48 of the 54 units will be affordable housing, and the remainder will be market rate. It is anticipated that the project will create approximately $3 million of new assessed value and $105,000 of new property tax revenues.
The remaining 1.5 acres of the parcel is being retained by the City for a possible future riverfront park. There is funding in the FY 2020 budget to begin design exploration for the park. The new park will need a name, so let's start thinking about that, and please send me your suggestions.
It's sad to see the final remaining Tannery buildings go, but certainly the brick building, originally built over a canal, is unfortunately beyond repair. The Penacook Historical Society was invited in to the property to salvage some historical remnants. This is a big change for our community.