WINOOSKI, Vt. (WCAX) – The community of Winooski is celebrating decades of growth made possible by a tax tool.
Back in the 1990′s, downtown Winooski was centered around a parking lot. The state created a tax increment financing, letting communities use property tax dollars for economically challenged areas.
Flash forward 20 years, and Winooski leaders and Gov. Phil Scott were among officials Wednesday touting the progress and economic development. They say the TIF created 400 units of housing, 15 new storefronts, and more than 800 jobs since 2013.
“It created a place people want to live and visit. Over the past 20 years, Winooski has transformed from a place with a bad reputation to a place attracting new residents and visitors alike,” said Winooski Mayor Kristine Lott.
However, skeptics of the tax tool, including Vt. Auditor Doug Hoffer, say tif’s can be complex and have the potential to shortchange the state’s Education Fund.
State lawmakers this session are considering an expansion of the TIF for communities recovering from this summer’s floods.
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