The next Public Information Session will be held during the City Council Meeting on Monday, 10/17.
The City Council has directed that an item be placed on the November 8th ballot that would ask for voter authorization to incur $5 million in indebtedness, that will augment already received federal funding.
This first public vote on City Center Tax Increment Financing (TIF) District covers two projects and related costs:
• the reconstruction of Market Street,
• the development of City Center Park—Dumont Parcel, and
• costs related to the application, implementation, and administration of the TIF District.
A COUPLE OF FREQUENTLY ASKED QUESTIONS—
Will this increase my property taxes? How will we pay for the debt?
No. The debt payments for this phase will be covered by the existing City Center reserve fund,
and increasing tax increment financing (TIF) revenues. Additionally, there is a federal grant for
the Market Street project.
What is Tax Increment Financing (TIF)?
Tax Increment Financing (TIF) captures incremental additional tax income when projects are developed,
that would otherwise be sent to the State Education Fund. The revenue collected can then be invested
in public infrastructure and facilities right here in South Burlington. We are already collecting TIF revenue
that will be used on these projects.
Please join us for information regarding this important ballot item. Bring a friend and your questions!
Additional sessions will be held 10/26 and 11/7. To learn more now, visit www.sburl.com/CityCenter.
Jan 26, 2025, 10:15 to 11:15 AM
Winooski Housing Commission MeetingJan 28, 2025, 6 to 8 PM
Cookbook Club: The Weekday VegetariansFeb 1, 2025, 12 to 1:30 PM