TIF District Bond officially on the ballot for South Burlington

SOUTH BURLINGTON, Vt. (WCAX) – South Burlington metropolis councilors authorized a $15 million bond to go earlier than voters on City Assembly Day. The funds will go towards the Metropolis Heart undertaking that has been within the works for the previous 10 years.

In some unspecified time in the future, the realm between Market and Backyard streets might be dwelling to 300 new residences, housing employees for the UVM Medical Heart and a handful of different industrial areas.

It’ll additionally embody pedestrian bridges and walkways for individuals to navigate its busy environment.

Metropolis Improvement Director Ilona Blanchard says these tasks might be funded utilizing tax increment financing or a “TIF District.” This implies approving the bond won’t immediately affect town’s property taxpayers.

“It’s financed by a rise in property values, not in adjustments to the tax price,” Blanchard mentioned. “In order that improvement that happens contained in the TIF District, that improve in property worth, pays for the infrastructure.”

These dwelling in and visiting South Burlington say they like the concept of a central metropolis hub.

“I imply, Church Avenue has develop into a bit of costly, so possibly a smaller space for individuals to hang around and get espresso, possibly like a health club or one thing,” mentioned Mike Phalen, who now lives in Underhill.

“Already with my youngsters, we come right here typically, whether or not to buy meals or go to Barnes and Noble and the mall, so if we had extra of a downtown really feel, it could be fantastic,” Shelburne resident Simenon Pierre mentioned.

Metropolis Supervisor Jessie Baker says the trouble is already paying off. Within the subsequent two years, they anticipate to see $150 million of personal funding within the space.

“Our group has mentioned they need a downtown. They need a metropolis middle. They need a brand new neighborhood right here on Market and Backyard streets,” Baker mentioned. “This final bond vote actually allows us to complete that municipal infrastructure.”

Metropolis officers say they anticipate work within the metropolis middle to be accomplished by 2027 or 2028, though the TIF District goes till 2037.

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