Meredith Village Savings Bank (MVSB) has purchased $25,000 in tax credits through the New Hampshire Community Development Finance Authority (CDFA) in support of the Mill City Park (MCP) project in Franklin, NH. Funds will help support the organization’s goal of developing both land and water components into a whitewater park along the Winnipesaukee River adjacent to downtown Franklin, the first of its kind in New England.
MVSB’s support contributes to the overall development of the area, which involves the construction of in-river, Olympic-style features for board surfing, rafting and kayaking along a 1,200 foot stretch of the river and “channelization” at three locations in the river that will provide for whitewater conditions year-round.
Other features of the master plan, in addition to the whitewater park, include an outdoor recreation area, an amphitheater and pavilion, multi-purpose trails and walking paths with benches and seating areas, a climbing wall, gardens and various viewing spots for water competitions. When finished, the park will consist of 13 acres, with an adjacent 21 conserved acres and three whitewater features. The primary goal of all improvements is to connect the community to the river.
“MVSB is happy to do as much as we can to support the Mill City Park’s project to develop multi-use opportunities for the Winnipesaukee River in downtown Franklin,” noted Rick Wyman, President of Meredith Village Savings Bank. “The park will not only provide a unique destination for kayak enthusiasts, but lots of outdoor recreation and enjoyment for everyone as well as an economic boost for downtown businesses.”
“We’re very thankful for MVSB’s support of our organization, mission and goal to make Franklin the whitewater kayaking mecca of New England,” said Marty Parichand, Executive Director. “The Winnipesaukee River once powered seven mills in downtown Franklin in the heyday of the city’s industrial era and will now power its economic renaissance again, thanks to the help from MVSB and other contributors.”
For more information or to support the Mill City Park at Franklin Falls, visit https://www.millcitypark.com/.
CDFA tax credits allow businesses to fund qualifying economic or community development projects in exchange for a tax credit that can be applied against state business tax payments. The tax credits are administered by the New Hampshire Community Development Finance Authority (CDFA). Any business with operations in NH that contributes to a CDFA tax credit project receives a NH state tax credit worth 75% of their contribution. The credit can be used over a period of five years to reduce the business’ state tax liability (business profits, business enterprise or insurance premium taxes). The tax credit program allows NH businesses to use their state tax dollars to support local projects that they care about. CDFA reviews many project applications each year and awards tax credits to those they determine are feasible and will make the biggest impact on economic development in the state. For more information, visit nhcdfa.org.