Staff report
The Vermont Economic Progress Council (VEPC) approved Rutland’s application for a master TIF district Thursday, March 27, with conditions.
“The Board of Aldermen will need to approve a boundary adjustment at their April 21 meeting,” said Jolie Frechette, a communications & PR agent hired to help with Rutland’s TIF. “Once the paperwork is filed with VEPC, the final master plan approval will be issued.”
Receiving a master TIF approval is a major hurdle for the City’s plans and will allow for projects that may be funding by TIF to be included in future phased filings.
TIF is an economic development tool designed to catalyze private development by removing key infrastructure barriers, using incremental tax revenues to cover the cost.
The Rutland TIF District Master Plan outlines 11 potential private developments made possible by eight infrastructure projects funded through TIF. If fully built out, these projects would contribute 385 new housing units, a hotel, and expanded retail spaces, contributing to an estimated $60+ million growth in the city’s Grand List.
Each project, however, will have to be individually approved by VEPC. The first could be the proposed hotel in “the pit” at the intersection of Wales and Center Street.
For more information, see Rutland 360 column.
