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Selectmen hear West Swansea TIF advisory report recommending district, purchase of water company
Summary
A TIF advisory committee recommended forming a West Swansea tax-increment financing district and pursuing purchase and staged improvements to the West Swansea Water Company, including a $6.4 million purchase proposal that committee members said would rely on a 40% principal-forgiveness loan and new pipeline work on Route 10 to make a TIF viable.
The Swansea selectmen heard a final report from the West Swansea tax-increment financing advisory committee that recommended forming a TIF district, acquiring the West Swansea Water Company and staging infrastructure work to encourage commercial development along Route 10.
The advisory committee, presented by TIF member Steve Bridal, recommended three related warrant articles: (1) a $6.4 million authorization to purchase the water company; (2) creation of a TIF (tax increment financing) district to capture subsequent assessed-value growth; and (3) a $1 million borrowing authorization to extend piping along Route 10 to connect properties that committee members said are required to attract higher-value commercial development.
The committee said the purchase-and-improvement package is viable only if the town secures substantial grant funding and the state’s drinking-water loan program that the committee expects will provide a loan with approximately 40%…
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