TIF (Tax Increment Financing)
On January 19th the City Council will host a Public Hearing on the question of whether or not the City voters should authorize Tax Increment Financing debt to pay for the connection of Garden Street to Dorset Street on the south and Midas Drive on the north. The Public Hearing will begin at 7:00 PM and will be held electronically. Please monitor the City Website and the normal places where Council agendas are posted to get the link to the meeting.
So, what is Tax Increment Financing, or TIF, to which it is most often referred. Well, with taxpayers approval the City has already used this type of financing to pay in part for the construction of City Center Park, the completion of Market Street and the construction of the new South Burlington Public Library and City Hall.
Fundamentally, the use of TIF financing reduces the demand on property tax payers to pay for the construction of public infrastructure in our designated New Town Center/TIF District that will support the build out of the area we call City Center.
CLICK HERE to learn more about TIF's on our webpage