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Barre City asks voters to approve $2.4M TIF bond to fund Stevens Branch affordable housing and Seminary Street upgrades
Summary
Barre City officials asked voters in a Nov. 4 special election to approve a $2.4 million TIF bond to fund infrastructure for the Stevens Branch (Seminary Street) affordable housing project; city staff said the project would create 31 units and the TIF fund will pay debt service, not the general fund.
Barre City is asking voters on Nov. 4 to approve a $2.4 million tax-increment financing (TIF) bond to upgrade water, sewer, power and streetscape along Seminary Street to support the Stevens Branch affordable housing project.
"It would be converted into 31 units of affordable housing run by Downstreet with parking on-site," the Moderator said, describing the site as a currently vacant parking lot that would become a mix of studio, one-, two- and three-bedroom units and improved public parking circulation at the Campbell lot. Officials said permits are in place and the developer is Downstreet, with EverNorth also involved.
Carol, who described the city’s TIF history, said the district has existed since about 2012 and was originally focused on parking improvements. "We have a healthy balance in our TIF increment fund right now of, about close to 1000000 dollars," she said, adding that those increment funds are used to pay debt service. City staff explained that the debt service for the housing project would be paid from the incremental tax revenue created within the TIF district, not from the general fund or an across-the-board property-tax increase.
Residents raised floodplain concerns during the Q&A; city officials responded that the Stevens Branch design is podium-style with elevated living areas and floodproof mechanical systems (see related coverage). Staff encouraged voters to consult FAQs and maps posted on the city website and said contact information is available for follow-up questions.
If approved, the bond would fund the public infrastructure the city will own and enable the developer’s project to proceed; officials asked residents to review materials online and to spread accurate information ahead of the Nov. 4 vote.
