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Board adjusts TIF boundary and approves five-year tax-stabilization for 24 Wales St. apartments
Summary
Rutland aldermen approved a boundary adjustment removing 24 Wales Street from the TIF district and separately approved a five-year tax-stabilization arrangement fixing municipal valuation for six newly created apartment units at $387,700.
Rutland aldermen on April 21 approved two related actions tied to redevelopment at 24 Wales Street: (1) a boundary adjustment to remove the property from the city’s Tax Increment Financing (TIF) district so the plan can meet state Economic Progress Council conditions, and (2) a five-year tax-stabilization agreement fixing the municipal valuation of six newly created apartment units at $387,700.
Community and Economic Development Committee members recommended…
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