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Connecticut Main Street Formally Announces $10,000 Grant for ‘Tax Increment Financing Master Plan’

January 18, 2016 Business, Government No Comments
Photo by John Fitts

Photo by John Fitts

Topic to be Discussed at Annual Town Meeting on Wednesday Night

By John Fitts 

Last week, Connecticut Main Street Center formally announced that it had awarded a $10,000 Preservation of Place grant to the town to develop a ‘Tax Increment Financing Master Plan for Collinsville Center & the Collins Company Complex.’

As defined by the main street center Tax Increment Financing, or TIF, is “an investment in a specified area is repaid over time using the increased tax revenue generated by the investment.”

Utilizing a recently revamped state law, town officials are hoping that TIF could potentially help spur development of the historic Collins Company factory complex.  There are different financing options and town officials said the process would not obligate the town to pursue a TIF plan.

“This is very exploratory,” said First Selectwoman Leslee Hill. “I think this is an opportunity for Canton to have a well guided and informed discussion about the opportunity of Tax Increment Financing as a potential means to aid the development of the ax factory.”

The concept is actually slated to be one topic of discussion at the town’s annual town meeting at 7 p.m. on Wednesday, Jan. 20. The meeting takes place in the Town Hall Auditorium.

“That conversation can begin with a presentation of the basic of TIf at the annual town meeting,” Hill said.

A second topic of discussion Wednesday will be the “marketing analysis and branding plan developed by the Town of Canton’s Economic Development Agency for the Town of Canton.”

Main Street Center formally announced a total of $80,400 in Preservation of Place grants last week. In addition to Canton, New Britain, is pursuing a potential TIF project.

“The projects funded through this year’s Preservation of Place round have the potential to be transformative for these communities,” said John Simone, CMSC’s President & CEO, via a press release.  “Canton and New Britain may very well become the models for creating successful TIF districts, while Haddam’s award can help set the foundation for a unified, mixed-use commercial area that marries their historic charm with a modern, connected design. Certainly, all of the communities represented are as diverse in location as in their unique character, but each has something wonderful to offer, which will only be enhanced through the use of these grant funds.”

The 2016 recipients of Preservation of Place grant funds, according to the release, include:

  • Bridgeport Downtown Special Services District – Awarded $10,400 for Bridgeport CREATES, Phase II, to assist in the pre-development activities associated with the creation of a Maker Space/ Innovation Center.
  • Town of Canton – Awarded $10,000 for a Tax Increment Financing Master Plan for Collinsville Center & the Collins Company Complex to develop a viable TIF agreement, master plan and district to help develop the historic complex.
  • Town of Haddam – Awarded $10,000 for a Market Analysis & Village District Zoning Regulations for Tylerville in order to assess viable businesses and draft zoning regulations that will allow for and promote such businesses, as well as mixed-use development, in this historic area.
  • Town of Fairfield – Awarded $10,000 for a Signage & Wayfinding Program for Downtown & Neighboring Commercial Districts to help visitors and residents navigate their way around downtown Fairfield’s many prominent cultural, tourist and academic attractions.
  • New Britain Downtown District – Awarded $10,000 to work in conjunction with the City on theCreation of a Tax Increment Financing District for transit oriented development around the CTfastrak terminus.
  • Westville Village Renaissance Alliance (New Haven) – Awarded $20,000 for the Westville Village Comprehensive Plan: The Visioning Phase, a comprehensive plan to guide a sustainable and place-based approach to long-term economic and physical development.
  • Simsbury Main Street Partnership – Awarded $10,000 for a Comprehensive Parking Study of Downtown to develop specific parking recommendations, including short- and long-term solutions.

See more about this issue in our previous story.

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