Approval Allows the City to Proceed with Bond Vote for Downtown Infrastructure Upgrades and Proposed Hotel Project
RUTLAND, VT — The Vermont Economic Progress Council (VEPC) has approved the City of Rutland’s first phase filing in its Tax Increment Financing (TIF) District, paving the way for the City to move forward with critical infrastructure upgrades along Center and Wales Streets in support of the proposed hotel.
VEPC unanimously approved the first phase filing during its July 31 meeting. It outlines the City’s plans to begin work on burying overhead electrical lines, as well as upgrades to water, sewer and stormwater systems. Streetscape enhancements, such as wider sidewalks, improved lighting and landscaping, are also included in the scope.
“This is a major milestone for Rutland,” said Ed Bove, Rutland City Planning Director. “We’re now one step closer to making long-overdue improvements in an area that has been in need of attention for decades. They literally lay the foundation for future private investment. It’s an exciting time for Rutland.”
The Center Street improvements represent the beginning of a series of infrastructure and development projects that will occur within the TIF District over the next decade. Future phases will include redevelopment at sites such as the Downtown Plaza, the area known as “Key West” at the intersection of Wales and West Streets, and several others.
“This approval marks another important step forward in Rutland’s TIF journey”, said Jessica Hartleben, Executive Director of VEPC. ”Once complete, infrastructure like this may not be the most visible part of a TIF district, but it is absolutely essential to unlocking transformative projects in the years to come. This first phase will spur downtown revitalization and unlock the ability to generate increased revenue and development opportunities for the City of Rutland and the State of Vermont.”
Tax Increment Financing allows municipalities to fund public infrastructure projects through a bond, which is then repaid over time using a portion of property tax revenues generated by the new development. Rutland’s TIF District was created with the goal of unlocking new economic opportunities, while also addressing long-standing infrastructure needs, without increasing the tax burden on current residents.
Approval of the first phase filing enables the City to hold a bond vote, which is scheduled for October 7. This bond vote will authorize the City to move forward with the first round of infrastructure projects on Center Street.
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.
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