By John Fitts
On Thursday evening, representatives from Camoin Associates presented the public with a preliminary Tax Increment Financing Plan for the Collins Company Complex.
Tax Increment Financing, or TIF, is the process in which a town, for a period of time, allows a portion of the increased property tax revenues generated by a project to go back into the project and/or related improvements and/or administrative costs.
For the past several months, the company has been working with a town-appointed TIF Steering Committee to develop a preliminary master plan for the 19-acre complex, the former site of the Collins Company, a world-famous manufacturer of edge tools that operated from the 1820s to 1966.
Currently Colliers is listing the property, on behalf of At Collinsville, for $3.9 million. Currently there are dozens of businesses in the complex but town officials have been frustrated for years at the lack of redevelopment of the complex, some of which is deteriorating to various degrees.
On Thursday, Jim Damicis, senior vice president at Camoin, shared an overview of TIF, the process for the town and the idea that a public-private partnership could help spur redevelopment at the complex.
The company estimates the property could generate more than a million in annual taxes. Today it generates approximately $32,000.
Damicis said a project could help the town diversify its job market and tax base and preserve a historic and beautiful asset in it’s the village downtown.
“This represents a significant opportunity for Canton,” he said. … Continue Reading