RUTLAND, Vt. (WCAX) – More housing could be on the way to Rutland after officials took the first step in setting up a tax increment financing district.
Rutland’s Board of Alderman signed a letter of intent to form the TIF district. Their plan calls for transforming multiple vacant properties into usable space for housing or other uses. That includes the old Lynda Lee Dress factory properties on Forest and Pine Streets and the old parking pit.
Board President Michael Talbott says this step would allow the city to invest in necessary infrastructure before developers take over. “TIF is really unique because it allows the city to invest in that infrastructure without shifting that burden to taxpayers, right? You don’t have to increase taxes,” he said.
The Vermont Economic Progress Council still has to approve the district and city voters would need to approve a future bond.