VMC Opposes Surprise Effort to Gut State’s Most Successful Economic Development Tool

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Posted on 05/05/2017 by VLCT Communications

 

Yesterday, May 4, the Vermont Mayors Coalition released the following statement regarding proposed changes to tax increment financing (TIF) legislation:
 
The Vermont Mayors Coalition has consistently supported the State’s tax increment financing program over the last five years, and this session has supported the comprehensive economic development bill S.135 in the form passed by the Senate. In a last minute change at the end of session with little public or stakeholder testimony, the House Ways and Means Committee amended S.135 to dramatically change and undermine the tax increment financing program, Vermont’s most successful economic development tool.
 
Vermont mayors know first-hand the vital importance of the TIF program, as it has been used to spearhead dramatic growth in jobs, the grand list, and public revenues in Winooski, St. Alban’s, Barre, Newport and Burlington. Mayors in Rutland and Montpelier are each planning to create new districts given these successes in other Vermont cities.
 
This amendment as proposed would set development and infrastructure improvements in Vermont’s cities and towns back decades and derail – perhaps permanently – the development of thousands of housing units.