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Rutland aldermen approve filing for downtown hotel TIF financing and development agreement
Summary
Rutland aldermen voted to approve a development agreement and a Phase 1 Tax Increment Financing (TIF) filing to submit to the Vermont Economic Progress Council for the proposed downtown hotel and infrastructure project, advancing the plan toward a possible voter bond in fall 2025 and construction in 2026–2027.
Rutland City aldermen voted on May 19 to approve a development agreement and a Phase 1 TIF filing to be submitted to the Vermont Economic Progress Council as part of a public–private plan to build a downtown hotel and related infrastructure.
The vote follows a public hearing and a Community and Economic Development Committee recommendation. Stephanie Clark, a consultant with White and Burke Real Estate Advisors, told the board the filing is “our official ask of the board to approve the first phase filing that's going to go in to the state for the TIF component of the hotel infrastructure.”
The approved packet includes a development agreement negotiated between the city and the developer, a financial workbook for the Phase 1 TIF filing, and authorization for the mayor and board president to sign a…
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