Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
TIF advisory recommends scoring rubric revisions, considers clawback language
Summary
The Select Board's TIF advisory committee reported revisions to scoring rubrics tied to the state contract's allowable funding categories and recommended considering leverage expectations and a clawback provision for properties that sell soon after receiving TIF funds.
Members of the TIF (Tax Increment Financing) advisory committee updated the Select Board on work to revise scoring rubrics and to better align local evaluations with the state contract's 11 allowable funding categories.
Committee members said they will incorporate measures of leverage and match into the scoring sheet, including cash or in-kind contributions and staged commitments. "We are making a recommendation to present to the select board that we not release all monies until leverage has been found," one committee member said, explaining the approach is intended to ensure town investments attract additional funds.
The committee also discussed a potential clawback provision if a building that received TIF funds is sold within a specified period after improvements are made. Board members noted legal and practical questions remain: "How would you claw it back? Is it a lien?" a member asked. The committee said staff will investigate formal mechanisms and report back.
As part of its work, the committee asked town staff to prepare a look-back spreadsheet cataloging TIF disbursements to date so members can better categorize past awards and set realistic future allocations. That spreadsheet is under revision, the committee said.
The advisory group is preparing recommendations for the Select Board on rubric language and disbursement conditions, including potential clawback mechanics and timing, to be considered at a future meeting.
