Bennington Downtown TIF District

Bennington TIF District Map
Click for interactive map
Year Created:  2017
Type:  TIF Plan Approved by VEPC under TIF Authority 32 VSA 5404a(h)
Split of Increment:  Education Fund = 70%/30% and Municipal General Fund = 100%/0%

The Town of Bennington - the South Shire seat of Bennington County, chartered in 1749 as Vermont’s first town - is the core commercial, industrial, services and population center of Vermont’s southwestern county. Bennington is home to the Southwestern Vermont Medical Center, five institutions of higher education, including Bennington College, Southern Vermont College, and the Community College of Vermont, and the Mt. Anthony Union High School and Middle School of the Southwest Vermont Supervisory Union, and the Southwest Vermont Career Development Center. Bennington is within the regional sphere of the million plus population centers of western Massachusetts and the Capital District of New York. Despite these attributes, Bennington has experienced an extended period of stagnant population, low wages, poverty, and an economy which lags behind the economic growth of Vermont’s counties to the north. 

Fortunately, Bennington has not ignored the challenges of its economy. The Bennington Downtown Area-Wide Plan (2016), the Bennington Town Plan (2015), the Downtown Market Analysis for Downtown Bennington (2006), the Land Use and Circulation Analysis and Master Plan for Bennington Downtown (2006), the Strategic Economic Development Plan (2013), Vermont Growth Center Designation (2008), and Vermont Designated Downtown status (2000), have all served to identify pathways toward economic development. The result has been concerted efforts in workforce development, poverty eradication and the identification and marketing of economic development opportunities.

The Town identified TIF as a possible tool to catalyze projects back in 2014. Since that time, they have discussed TIF at several Select Board meetings, held two public forums, held a formal public hearing, and have actively engaged with stakeholders. 

Bennington’s TIF District encompasses the Downtown Improvement District (a State designation focused on the most densely developed part of the historic commercial center of Town), it encompasses most of the State Designated Downtown, and is entirely within the State Designated Growth Center and encompasses the cultural, commercial, and civic center of Town. The TIF District is surrounded by historic residential neighborhoods. Like most larger towns in Vermont, Bennington also has a commercial strip and industrial parks located outside of its downtown.

The TIF District is approximately 70 acres (0.3% of town), includes 155 parcels (2.6% of town), and represents $50 million in assessed value (4% of town). Some parcels (17) totaling $8.2 million in assessed value are not taxable. The total original taxable value (not yet certified) for the 138 taxable parcels is $42 million (4.1% of town), of which 10 parcels and $1.5 million is Homestead (0.3% of town) and $40.3 million is Non-residential (7.5% of town).

Bennington’s TIF District Plan includes Infrastructure projects totaling approximately $7.045 million (including soft costs, contingency, and a 3% inflation value). Bennington estimates that the increase in the grand list due to the projected private sector developments will generate $9.474 million in incremental property tax revenues during the 20-year retention period ($3.8 million municipal and $5.6 million education). The municipality has pledged 100% of the municipal increment to the TIF District debt and VEPC approved the education increment of 70%. It is estimated these retention percentages will yield incremental revenues of $7.8 million. 

Letter of Intent
TIF District Plan
Authorization Document

October 18, 2017 VEPC Special Meeting held in Bennington:
     TIF District Presentation:
          (Dan Monks, Town of Bennington; and Stephanie Hainley and Gail Henderson-King, White & Burke)
          Powerpoint Presentation
          Presentation by Dan Monks, Bennington Assistant Town Manager

     Written Testimony:
          Lynn Green, Owner, Four Chimneys Inn
          Thomas A. Dee, President and CEO, Southwestern Vermont Health Care
          Bill Colvin, Assistant Director, Bennington County Regional Commission; and
                     Acting Director, Bennnington County Industrial Corporation
          Ed Sargood, Senior Vice President and CFO, Bank of Bennington
          Jon Hale, President, Hale Resources, LLC
          John Shannahan, Director, Bennington Downtown Alliance
          Jonah Spivak, Owner, Hawkins House Craftsmarket; and
                     President of Board of Directors, Bennington Regional Chamber of Commerce
          Mariko Silver, President, Bennington College     

       VEPC Staff Preliminary Review
       Meeting Minutes
       Audio file

November 17, 2017 Board Meeting Information:
       VEPC Staff Review of TIF District Application
       Meeting Minutes
       
Audio file

Contact Us

Casey Mock, Executive Director
802-798-2221

Abbie Sherman, Grant Program Manager
802-828-3230

One National Life Drive
Deane C. Davis Building, 6th Floor
Montpelier, VT 05620-0501