Funded for Construction - TIF Public Projects

The City Center TIF District is underway!

This first public vote by South Burlington for City Center Tax Increment Financing approved $5,000,000. This financing augments already received federal funding to build the first two projects and reimburse the City for administrative 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.

 
The Reconstruction of Market Street


This project reconstructs Market Street—from Dorset Street to Hinesburg Road—as a downtown main street. It has been planned for pedestrian, bike, and vehicular traffic.

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City Center Park - Phase 1 (Dumont Parcel)


In construction through 2018, this project develops a publicly accessible passive recreation space – with trails, focal areas, minimal furniture, discoverable mysteries and sufficient infrastructure to allow for the enjoyment and protection of tributaries to the Potash Brook and associated wetlands and buffers.

Acquired in 1975, this 7.65 acre wooded parcel of land, had no formal signage or infrastructure and did not have easy access.  It is just south of the largest parcel in the TIF District and tucked into the Iby/Barrett Street neighborhood and abuts San Remo Drive.  Once Phase II of the park is completed, there will be a direct pedestrian and bicycle connection from City Center (Market Street and Garden Streets) to the Frederick H. Tuttle Middle School and South Burlington High School complex.

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Related Costs


Related costs are costs incurred in the TIF District application process, implementing and administering the TIF District.  The costs are incurred before and over the life of the district.  The November 8 question only covers only a portion, an estimated $80,000 worth of related costs.

The City included the following TIF District estimated related costs in the application to the Vermont Economic Progress Council (VEPC) Financing Plan for the City Center TIF District.

Related Cost Name

Related Cost Description

Related Cost Amount

Application Deposit

Application deposit charged by VEPC for third party application analysis

5,000

Application Fee

Total Application Fee charged by VEPC for third party application analysis

16,802

Market Study 2012

Fee charged for the Market Study

1,900

Consumer Demand Study

Study anticipated to support real property development

30,000

Additional Market Study

Study update anticipated to support bond debt

2,000

Application Materials & Outreach

Public Notice, materials

217

Annual Audits

Audits required by Statute

110,000

Outreach

Costs for public notices, publishing, educational material, events, etc. related to the TIF District

50,000

Legal Fees

Support development and analysis of TIF District development agreements

450,000

Financial Analysis

Support debt structuring, market studies, etc.

100,000

State Audits

Audits required by Statute

300,000

Application Fee

Any fees charged for analysis

5,000


Read the Public Notice which provides information regarding the ballot question.

View the Ballot Question