The Selectmen are pleased to announce that a comprehensive settlement was reached with PSNH, ending 8 years of litigation over the assessment of Merrimack Station.The settlement resolves all matters in dispute and restores the relationship the Town and PSNH, now known as Eversource Energy, enjoyed for over 50 years. As with any settlement, this represents a compromise between the positions held by each party.
In summary, the settlement provides:
If the taxes owed by Eversource are less than the credit, the Town will pay Eversource the balance.
To offset the inevitable reduction in the value of Merrimack Station, Town officials have worked to attract new business investment. Examples of success are the DHL Bow Distribution Center (still referred to as “the Exel warehouse”) of Route 3-A and the newly constructed Coastal Forest Products facility on River Road. Since the fall of 2018, over $27 million of new property investment has been constructed in Bow and added at least $725,000 to the tax base at the current rate. We are confident our business development zone will expand in the years ahead and serve to offset the decline in the assessed value of the Merrimack Station.
This effort continues and we are confident the business district will continue to grow. At the same time, it must be recognized that there will be years of austerity as we transition away from relying on one large commercial taxpayer for the majority of our tax base.
This settlement makes it possible for the Selectmen to resolve the abatement requests of the new owners of Merrimack Station (Granite Shores Power) and Garvin Falls (Hall Street Energy) so we can look forward to a good working relationship with Eversource and other owners of utility property. If you have questions about the settlement, please direct them to Christopher Nicolopoulos (email@example.com) or Harry Judd (firstname.lastname@example.org).