Rutland 360

A common concern regarding the Rutland City TIF District is: what happens if the development doesn’t generate enough tax revenue to pay back the bond? This week’s article seeks to answer that question, as well as explain some of the safety nets that are in place to make sure the City remains financially secure. By…

Before we dive into this week’s theme—public engagement in the TIF district process—we wanted to provide a short update. On Monday, April 21, the Rutland City Board of Aldermen approved a modification to the TIF District, as requested by the Vermont Economic Progress Council (VEPC). With that change in place, VEPC has officially approved the…

This week, we will explain the “tax” in Tax Increment Financing (TIF), clarifying what the “tax increment” is, how funding flows and who covers the cost for infrastructure improvements. Importantly, TIF does not create new taxes on our residents. Tax increment and the flow of funds First, it’s key to understand that in order for…

Welcome to the Rutland 360 focus column. Rutland 360 is a collaborative initiative led by a task force that includes the Rutland Redevelopment Authority, the City of Rutland, the Chamber & Economic Development of the Rutland Region, and the Downtown Rutland Partnership. Together, these stakeholders have developed the Rutland TIF District Master Plan, a strategic…