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Rutland aldermen approve TIF district plan, authorize application to state economic council
Summary
The Board of Aldermen voted to establish a tax increment financing district and authorized submission of the application to the Vermont Economic Progress Council; the plan identifies roughly $20.6 million in infrastructure projects and an initial hotel project as likely early phases.
The Rutland City Board of Aldermen on Jan. 6 approved a tax increment financing (TIF) district plan and authorized staff to submit the city’s application to the Vermont Economic Progress Council (VEPC).
The vote, taken after a presentation and discussion, authorizes the mayor and board president to sign and submit the district application and begins the formal process that could let the city use incremental tax revenue from new development to pay for specified infrastructure improvements.
The plan, presented by Stephanie Clark, a consultant with Weitenberg Real Estate Advisors, describes the district as a small downtown area and identifies roughly $20,600,000 in potential infrastructure investments. Clark said the consultant team identified 11 conceptual private projects that could be unlocked by eight categories of public infrastructure work; the consultant estimated those changes could yield about 385 new housing units and about $60 million in increased…
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