Officials approve giving Montpelier TIF status
MONTPELIER, Vt. (AP) — Vermont officials have approved giving the capital city Tax Incremental Finance district status, which will likely help fund a planned $17 million hotel and garage development.
The Times Argus reports the Vermont Economic Progress Council voted unanimously on giving Montpelier TIF status Thursday.
The TIF uses education property taxes to fund infrastructure projects, such as roads, water and utilities. It also helps reduce costs for developers interested in building in the city.
The TIF can help the Bashara family with their new Hampton Inn and Suites hotel and garage development.
Fred Bashara Jr. says the family is happy the approval went through, and the TIF will help not just their project but the entire city.
Mayor Anne Watson says the approval is a “huge milestone” for the city.