Windsor Locks Goes TIF
Thursday, April 13, 2017, midnight
Friday, April 13, 2018, midnight CDT
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In November 2016, Windsor Locks became the first municipality in the State of Connecticut to take advantage of a 2015 law designed to help municipalities revitalize their downtown commercial areas. The enabling legislation (P.A. 15-57: An Act Establishing Tax Increment Financing Districts) helps municipalities attract redevelopment within the District by assuring both investors and citizens of the municipality that any tax revenue generated from increased property values will be reinvested back into the neighborhood.
In Windsor Locks the idea, according to First Selectman Chris Kervick, “is to allow us to leverage new revenue from early improvements in the district to help stimulate and support continued investments – it is a way to build momentum – and it works best when there are one or two big projects up front to get things moving in the right direction.” Windsor Locks has that project with the recently approved plans of Boston-based Beacon Communities to invest $64 million in converting the abandoned Montgomery Mill into 164 upscale one and two bedroom apartments. Beacon’s President of Development, Dara Kovel, maintained that the promise of the TIF District played a big role in the company’s decision to invest in Windsor Locks.
This CT Main Street Center webinar break downs, via a Case Study, the steps in creating a Tax Increment Financing Policy and Master Plan.
Learning Objectives for Planners include:
1. Attendees will learn about the Tax Increment Financing law (P.A. 15-57), and how it works in Connecticut.
2. Attendees will learn, via the Case Study, how the Windsor Locks TIF Policy, the District Plan, and the Financial Plan were developed.
3. Attendees will learn who needs to be part of the local community’s project team, both public and private sector representatives.
4. Attendees will learn about the importance, and examples of, public outreach and education, and the challenges met along the way in Windsor Locks
5. Attendees will be provided with take away material, such as:
- A copy of the State of Connecticut enabling legislation (P.A. 15-57)
- A one-page graphic depiction of the steps in creating a TIF District
- A copy of the Town of Windsor Locks’ TIF District Policy and Master Plan