May 14—The Board of Mayor and Aldermen will hold a public hearing Tuesday on an application for the RSA 79-E tax credit program to rehab 150 Dow St., once home to internet performance company Dyn, into a hub for biomanufacturing human cells, tissue and organs.

The applicant, 150 Dow Associates LLC — managed by Robert Tuttle and business partner Dean Kamen, executive director of Advanced Regenerative Manufacturing Institute (ARMI) — is proposing to renovate the existing five-story, 80,254-square-foot brick mill building to provide clean rooms and labs for biomanufacturing, along with supporting facilities such as locker rooms, offices and conference rooms.

Biomanufacturing, also known as "biofabrication," involves the creation of state-of-the-art innovations in biomaterials, cell processing, bioprinting, and automation. It encompasses applications including skin and musculoskeletal tissues; neurological and ophthalmologic tissues; cardiovascular and lung tissues; renal tissue; and hematological and immunological conditions.

The tax credit program lets developers who improve blighted properties in downtown areas delay paying property taxes on the value of the improvements.

To qualify, the applicant must meet several requirements under the statute, including that the rehabilitation of the structure must cost at least 15% of the pre-rehabilitation assessed valuation, or at least $75,000.

Online appraisal records show that the current 2023 assessed valuation of the property is $15,029,000. The proposed renovations total $19,795,000.

According to a report submitted to city aldermen by city Economic Development Office Director Jodie Nazaka, the building was built in 1879 and is considered in "average" condition. Portions of the building have been renovated in the past for office space, however, most of the building remains a shell without internal walls or previous renovations.

"The implementation of this project will have a significant positive impact on Manchester's economic viability," writes Nazaka.

"With the departure of significant firms like Oracle and Autodesk, the opportunity has arisen to establish a new area of local expertise in biofabrication through this project. The renovation of the historic structure to accommodate clean rooms and labs for biomanufacturing will create job opportunities for local contractors, artisans, and craftsmen, as skilled labor will be required."

Nazaka said the restored building will house various businesses, including offices and restaurants, further boosting the local economy.

"These new uses will attract businesses, customers, and tourists and generate revenue, providing an additional economic benefit to the community," writes Nazaka.

"This project promotes the development of the Manchester city center by developing and re-purposing a large, existing building," Tuttle suggests in paperwork submitted to the city. "This is 'smart growth' under RSA 9-B:3, because no additional land is used, and because this mill building maintains its appropriate appearance in the Manchester Millyard."

Nazaka said Bob Gagne, chairman of the city's Board of Assessors, estimates the property's assessed value after renovation will be $20.5 million — increasing the annual property taxes by approximately $100,000.

If approved, the tax subsidy would result in an estimated cost savings of $500,000 over five years, Nazaka writes in a memo to aldermen.

The application for the tax credit program requests a five-year term. City Ordinance 36.40 (C) pursuant to RSA 79-E:5 states the Board of Mayor and Aldermen can grant a tax relief period of up to, but not exceeding, five years.

NH RSA 79-E was written into law on April 1, 2006, and adopted by the Board of Mayor and Aldermen in 2015. The public hearing on the RSA 79-E tax credit program application for the project is 6 p.m. Tuesday at City Hall.