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Council approves TIF substantial change to rebid City Center bridge project
Summary
Council approved a substantial change to the South Burlington City Center TIF District plan to update costs and reallocate funds, enabling the city to rebid the city-center bridge project and pursue additional grant funding, the community development director said.
Alana Blanchard, South Burlington’s community development director, told the council the City Center TIF District substantial-change application updates project cost estimates and reallocates existing TIF funds to address inflation and allow the bridge project to move to bid. "Through TIF district financing, we've been able to leverage over $24,000,000 in federal funding," Blanchard said, describing the TIF as a long-term city-state partnership to finance public projects.
Blanchard said the change mostly updates 2021 cost estimates to 2024 prices and enables rebidding the long-planned bridge so the project does not face further inflationary increases. During the public hearing resident Michael Mittag asked whether the change would keep the TIF on track; Blanchard said it would help keep projects moving and noted the bridge was designated a regional priority this year. The council voted to approve the substantial change and authorized the city manager to submit the application to the Vermont Economic Progress Council; the vote passed by unanimous voice vote in the room. Staff said the change does not increase the district’s total financing but reallocates budget among projects.
