For many years—decades even—dreams of addressing Rutland’s downtown core have been deferred. Master plans drawn, community meetings held, revitalization goals articulated, and yet limited change has been possible. There has been no large-scale action. That is, until now. But what makes this effort now, with the Tax Increment Financing (TIF) District in play, so different from all of the other prior attempts?
Perhaps it’s easiest to put it this way: those dreams were a lever without a fulcrum, full of potential, but unable to lift the heavy and costly burden of infrastructure improvements needed to realize the vision. Despite the dedication of city officials and the community’s desire for change, the market alone couldn’t bear the cost. The TIF District is that missing fulcrum, a way to evenly distribute the load so that Rutland’s long-held plans can be fully leveraged.
Many factors have aligned that make “today” the best chance for development in Rutland, including: a motivated and dedicated team that represents a mix of municipal and community leaders, the urgent need for housing in the Rutland region and beyond, recent changes to Act 250 and the downtown core’s Tier 1A exemption, and beautification efforts already underway by the Dept. of Public Works.
“Long discussed infrastructure needs relating to water, sewer, roadways, and sidewalks have been postponed or regarded as unreachable because of the cost of implementation,” said Lyle Jepson, executive director of the Chamber and Economic Development of the Rutland Region. “TIF is the tool that will resurrect long dreamed-of municipal projects, moving them forward at a time when people from all over the nation are looking to Vermont as a safe, welcoming and attractive place to work, live and grow their families.”
We must seize this opportunity. Many of the buildings in Rutland, while beautiful, hide hazardous materials that oftentimes leave spaces idle, unused, and deteriorating. Projects in the TIF District plan for the remediation of these spaces, which will offer vertical mixed-use layouts that offer both housing and commercial/professional space.
“What’s great about this project is that the proposed projects are located along existing utilities, and are located in the traditional, walkable area of Rutland’s urban core,” said Rutland City Planning Director Ed Bove.
There’s also a more practical, economic outcome expected of all of this, Bove explained. “The increased supply should create downward pressure on housing costs. Also, more housing within walking distance to services will reduce transportation costs associated with suburban housing development.”
And, from a regional perspective, if Rutland City’s urban core is thriving, the region will be stronger.
The moment for implementing these long-awaited dreams has arrived. The economic trends, community readiness and state policies have aligned. With the TIF District as the fulcrum, the Rutland community can finally leverage this opportunity, lift the burden of costly infrastructure upgrades, and finally reach our goals.
For more information, visit the Rutland 360 website: Rutlandvtbusiness.com/tax-increment-financing.
