By Polly Mikula
“Killington Forward” is a comprehensive plan designed to provide clean water, road improvements, workforce and affordable housing — and development of the Six Peak Village at the base of the resort. All worthy priorities, but it’s a heavy lift for the towns 1,400 residents.
Private-public partnerships have made it possible.
Specifically, the state program TIF (tax increment financing), which allows Killington (upon approval of phased filings) to use a portion of the new property tax revenue generated from development within the TIF District to finance the cost of the public improvements. This mechanism removes the burden of increasing property tax rates for property owners to finance the public improvements.
The town is proposing about $62.3 million for municipal infrastructure: namely a brand new municipal water system and roadwork. The town demonstrated that both are necessary for the development of the village to be viable for a private developer.
With that underway, Killington anticipates at least $285 million of new taxable value added to its Grand List from the first phase of the Six Peaks village development. And the town’s investment in the municipal infrastructure, that spurred the start of the development, is expected to continue over the next decade.
Timeline:
On Oct. 28, the town of Killington took the critical step in the Killington Forward project by signing the development agreement with Toronto-based Great Gulf, a residential and commercial real estate developer.
Currently, the Vermont Economic Progress Council (VEPC) is reviewing the town’s Phase 1 filing and development agreement and will present their finding at the hearing Dec. 15.
Pending approval from VEPC, the town will put forward a bond vote on Town Meeting Day, March 7, 2023. If passed, the town will break ground on the municipal water system and roadwork in the summer of 2023.
For more info visit mountaintimes.info/tif.
Town plans new $1.2 million building for its town hall
The town of Killington is in process of purchasing a five-unit, 11,000+ square foot property at 2046 U.S. Route 4 in Killington. The building houses the Post Office, which has a long-term contract, which will help offset some of the $1.2 million purchase.
The acquisition is built into the upcoming 2023-24 budget to be paid off within five years and does not require a special bond or separate ballot item.
The sale of the new building on Route 4 will be finalized on or before April 14, 2023, according to a news release.
Christopher Karr, Killington Select Board member, presented information about the potential purchase at the Nov. 14 regular Select Board meeting.
“This purchase will not only create a gateway marker for our town, it will give greater accessibility to our town services for everyone residing here,” Karr said. “This building is in perfect shape to house all of our town services in one place and the smartest fiscal decision for our town’s future and further development.”
The sellers, the Koch family, acquired the building on May 27, 2004 in an auction of the Rome Family’s property. The Koch family wanted to wait for the right buyer who would ensure that the new owners of such a prominently-placed location would honor community needs first and foremost.
“Killington is a really special place for our family and given the economic developments in Vermont and the people moving to the community — offering a proper entryway to all our town has to offer is important to us,” said Nancy Koch, vice president of CSK Inc. “Our family businesses right next door (the Killington Deli, CITGO Gas station and 802 Spirits) have served as a community gathering place and we are thrilled at the prospect of visitors and residents being able to get all of their needs in one place before exploring the rest of Killington.”
What will happen to the current town office building?
Plans call for the current town office to become a recreation and gathering space for youth and senior residents. The current Killington town hall offices, located at 2706 River Road, does not accommodate future growth of town services and would better serve the community as a youth and senior center, according to the town selectmen.
