Project Moves Forward Toward First Phase Implementation
Rutland, VT – Today, the Vermont Economic Progress Council (VEPC) has approved the Rutland Tax Increment Financing (TIF) Master Plan, marking a significant milestone in the city’s efforts to revitalize its downtown. This approval paves the way for the next step: phase approval, which involves taking the first TIF project through the process with the Board of Aldermen and then to VEPC again.
The first phase filing, if approved by the Board of Aldermen and subsequently by VEPC, will focus on infrastructure improvements in the northern section of Wales Street—a key area supporting the proposed hotel development. Planned upgrades include water, sewer, and stormwater improvements, as well as brownfield remediation to address existing environmental contamination. Under an agreement with the City, developers will be responsible for preliminary environmental remediation, while the City will seek funding to construct necessary public infrastructure improvements supporting the project.
“The TIF team is encouraged by the pace at which the plan is progressing,” says Ed Bove, Rutland City Planning Director. “This brings us one step closer to making tangible improvements in our downtown core.”
“VEPC looks forward to working with the City of Rutland and its TIF team,” says VEPC Executive Director Jessica Smith Hartleben. “TIF is the only economic development tool available to Vermont municipalities. VEPC encourages communities interested in fostering development or redevelopment to learn more about this valuable financing tool.”
With VEPC’s approval of the master plan, Rutland is well-positioned to advance critical infrastructure projects that will enhance economic growth, attract investment, and support community development.
About Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is an economic development tool designed to foster the types of development Vermont has been encouraging for years, and in the places it is wanted – such as downtowns, industrial parks, and compact village centers. TIF projects catalyze private development by removing key infrastructure barriers, using incremental tax revenues to cover the cost.
Rutland City TIF Project & Rutland 360
Rutland 360 is the City’s branded initiative dedicated to providing comprehensive updates, resources, and information about the TIF District and related development projects. This platform serves as a one-stop hub for residents, businesses, and stakeholders to track progress, access documents, and stay informed about key milestones. Visit www.rutlandvtbusiness.com/tax-increment-financing for the latest news and updates.
