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South Burlington planning commission hears City Center, TIF and project update
Summary
Community development director Alana Blanchard updated the Planning Commission on City Center projects funded by the TIF district, including Garden Street, a shared-use path and a planned grand opening for City Center Park; she outlined funding, timing and remaining development parcels.
Alana Blanchard, South Burlington’s community development director, told the Planning Commission the TIF district captures increases in property value and uses 75% of the increment to pay for public projects tied to City Center development. "The delta between 2012 and what they're worth now…the delta…75% of that new revenue on that new worth…goes into a fund," she said, describing how TIF revenue supports capital work.
Blanchard walked the commission through a slate of projects: Garden Street is scheduled to go to bid this spring; a shared-use path will link Barrett Street, Market Street and Garden Street and cross wetlands to improve north–south walking and biking; and the Goose Pond/Market Street area will officially be part of City Center Park with a planned grand opening in spring. She said the TIF district is still collecting through 2037 and that some debt remains to be paid down even after collections end. The presentation stressed both economic-development goals and placemaking outcomes as reasons for continued investment.
