Bennington TIF District Plan Update

Since the approval of the Bennington TIF District, the Town has been working diligently on economic development efforts, there has been some commercial activity, and a few key substantial projects have developed. However, the Town has also experienced the universal impacts of the pandemic. This update to the TIF District Plan reflects the Town’s intentions and plans for the remaining seven years of its ability to incur debt. There are two near-term projects that have been stalled without critical infrastructure support and three conceptual projects that have good likelihood to occur in a few years. All five of these were identified in the original TIF District Plan. The two near-term projects are both considered Tier 1. The costs of the infrastructure investments, the scope of the private development, and the post- development values have changed since 2017, but these are both consistent with the goals, impact, and criteria set forth in the Final Determination. The other three projects are considered Tier 2 and 3 developments and only the timing of these has changed since 2017. With the momentum being generated by Federal funding and developers looking toward recovery, this is a critical time for the Town to leverage TIF and other funds to catalyze the development of significant properties in the community.

DOCUMENTS:
Bennington TIF District Plan Summary
Bennington TIF Substantial Change Financial Workbook