Burlington Downtown Tax Increment Financing District: Substantial Change Request
Pursuant to the requirements of 24 V.S.A. §1901(2)(B), notice is hereby given of a public hearing by the Burlington City Council to hear comments concerning a resolution for the City Council to approve the submission of a substantial change request to the Vermont Economic Progress Council (VEPC) relative to the City of Burlington's approved tax increment district plan and approved financing plan for the Burlington Downtown Tax Increment Financing (TIF) District.
The purpose of the City's Substantial Change request to VEPC is to amend and update the above-referenced approved tax increment district plan and approved financing plan to accurately reflect changes made to scope, budgets, timelines and debt financing relative to the City's previously VEPC approved Great Streets project for the Main Street blocks from South Union Street to Pine Street, and for an amendment of the project to include two additional Main Street blocks from Pine Street to Battery Street to be approved by VEPC as parts of the tax increment and financing plans referenced above in lieu of two previously approved South Winooski Avenue blocks which the City in not prepared to include in the project at this time. In addition, the City seeks VEPC approval to include public improvements that are planned along Bank Street from and including the intersection of Bank and St. Paul Street to and including the intersection of Bank and Pine Street, both of which support the Downtown TIF District.
If approved, the substantial change request will include a letter indicating that the City Council has considered and approved the substantial change, as well as a narrative explanation with supporting documentation of the substantial change that fully explains the reasons for such a change.
The public hearing will take place on Monday, October 25, 2021 during the Regular City Council Meeting which begins at 7:00 pm in Contois Auditorium, Burlington City Hall, 149 Church Street, Burlington, VT. For more information about the above-referenced Burlington Downtown TIF District Substantial Change request, please contact Richard Haesler at email@example.com