BY JENN MCDOWELL

Hooksett residents will be able to reduce their risk on the Cabela’s TIF bond by $16 million with a special Town Meeting vote next month.

Hooksett Town Councilors said there will be a special election on Tuesday, Oct. 23, from 6 a.m. to 7 p.m., at Cawley Middle School to approve a warrant article reducing the TIF (tax increment financing) bond approved more than a year ago for the Cabela’s sporting goods project from $18 million to just $2 million.

Voters will be able to discuss details of the plan at a deliberative session on Saturday, Sept. 22, at 1 p.m., at the Cawley School.

If the voters pass the warrant article, the Town Council will be authorized to officially enter into a financial agreement with Feldco Development to construct the Cabela’s facility by Exit 11 off of I-93 near Hackett Hill Road.

Also at the Sept. 5 meeting, the council got public comments on reducing the TIF boundaries  surrounding the proposed Cabela’s development area from 300 to 100 acres.    

At a previous meeting on Aug. 22, the council voted to support a reduction in the TIF boundaries. The revised TIF district would exclude the area west of I-93, which several councilors pointed out would increase tax revenue to the town in the coming years.

Councilor George Longfellow pointed out that the area could be reinstated into the TIF boundaries if future developers become interested in the area being excluded from the current TIF district.

Chairman Paul Loiselle was the only council member not in favor of reducing the TIF size. He argued that keeping the boundaries larger would entice future developers into the area.