On November 8, 2016, voters supported Phase 1 of the City Center public infrastructure development.
Phase 1 includes:
City Councilwoman Helen Riehle, City Manager Kevin Dorn, and CFO Tom Hubbard shared information on City Center Phase I—Infrastructure on CCTV Channel 17. Watch now.
Ballot Question — Article 1
Shall the City Council be authorized to pledge the credit of the City to secure indebtedness, to borrow, or to make direct payments of TIF increment for the purpose of funding one or more public infrastructure or capital improvements and related costs attributable to projects serving the City Center Tax Increment Financing (TIF) District, specifically:
(a) Market Street Reconstruction:
(a section of roadway between Dorset Street and Hinesburg Road
inclusive of all intersections)
to include streetscape, stormwater treatment, utility, lighting
and transportation upgrades;
(b) City Center Park Phase 1 (Dumont Parcel):
(site improvements to create a natural area park)
to include pathways, water quality improvements, landscaping,
wetland protection, learning and play exploration areas and signage;
(c) Related Costs: reimbursement for TIF eligible related costs incurred by
the City for the creation, implementation and administration of the
City Center TIF District;
in a total principal amount not to exceed Five Million Dollars ($5,000,000)
(to date, the total City Center TIF tax increment financing debt approved is $0), and to make direct payments, issue bonds, notes or make inter-fund loans for such purposes, with the understanding that tax increment from the properties within the City Center TIF District shall be pledged and appropriated for the payment of such indebtedness or direct costs of the improvements?
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