How will the City of Portsmouth benefit from the Historic Surplus Program?
By Federal law the Historic Surplus Property Program puts a cap on the developer’s profit. There is no excess profit for the developer. Instead, these excess funds will be returned to the City of Portsmouth to be spent on public parks and recreational amenities.
The proposed parks at Bridge Street, the Worth Lot, Vaughan Mall, Rock Street and the park that will stretch along the waterfront by Vaughan Street and Raines Avenue will all benefit from this program.