With the approval of its first Tax Increment Financing (TIF) district and the upcoming October 7th bond vote, Rutland is at a pivotal moment in its history. To help guide the City through this transformation is the new executive director of the Rutland Redevelopment Authority, Sean Adkins.
Charged with fostering commercial growth, creating employment opportunities, and supporting investments and enhancements, Sean is a seasoned community and economic development veteran who is ready to get to work.
Having led several economic development departments and projects in both Virginia and Connecticut, and most recently having served as Town Manager of St. Albans, Sean has successfully leveraged state and local programs that led to responsible development and investment across several communities. Now in Rutland, Sean recognizes the opportunities that await Rutland with its new TIF District.
The St. Albans Experience
While Town Manager, Sean immediately recognized the benefits of living next to a city with a TIF District. “There was an increased investment from private developers. We were able to expand the industrial park and saw a spike in new neighborhoods”, Sean reflected. “A rising tide lifts all ships. With the City of St. Albans leveraging TIF, our community in the town was able to benefit from the investment from builders.”
St. Albans City used TIF to reshape its downtown—turning underused properties into a hotel, parking garage, new housing units (affordable, market rate and senior housing), buried utilities and more. “The changes were visible, economic, and even reputational”, he said. “When I traveled around the state, people would say ‘St. Albans has come such a long way! It’s a beautiful downtown!’ That wouldn’t have happened without TIF.”
The Reality in Rutland
In taking the helm at the RRA, Sean sees in Rutland what St. Albans saw in itself. “I’ve already heard from countless folks how they think the downtown can be catapulted to new heights—literally and figuratively.” The City has a chance to harness TIF to unlock long-term investment without raising local taxes. “That’s a point worth emphasizing,” he says. The TIF bond will not fund a private project. In fact, it’s the opposite. TIF covers the infrastructure improvements that create the conditions for private development and economic growth, and then that growth pays the bond back over time.
“But it all needs to happen within a certain time frame.” Sean underscores the urgency to pass TIF bonds—like the one on October 7th—so that infrastructure projects can move forward. “We have only ten years to draw debt for the projects identified in the TIF District. Each year of delay is another opportunity lost.”
Reflecting on what happens if these projects don’t happen now and without the leverage of TIF, Sean says, “we’ll not only lose out on the private investment that comes with these projects, but the City will have to pay for them eventually.” The City has acknowledged that if the bond vote on October 7th does not pass, the City will still need to make upgrades to the water, wastewater and sewer systems at a rough cost of $4.4M—$500,000 more than what is being asked for by the TIF bond on October 7th.
Looking Ahead
Now that the tools are in place, it is time to capitalize on this moment. “When I first visited Rutland, nearly a dozen people greeted me and made me feel welcome and at home right away. It’s clear people care deeply about Rutland, and that’s the most important foundation for any redevelopment effort.”
The aim of TIF isn’t just to build. It’s to invest in what fits Rutland and empowers more partners to do the same. “The immediate benefits will be beautiful streetscapes and new amenities; the long-term benefits are in the proactive private development and greater tax revenue that will push the City of Rutland forward into realizing its full potential. It’s a win-win, and I’m grateful to be part of it.”
As a reminder, the vote for the bond to support the first phase infrastructure projects will take place on October 7th.
