The Vermont Economic Progress Council (VEPC) is an independent board of Vermont citizens, nine appointed by the Governor and two appointed by the General Assembly. Additionally, there are two non-voting representatives from each region, one designated by the regional development corporation and one by the regional planning commission. The regional representatives serve in an advisory and advocacy role.
VEPC serves as an approval and authorization body for the Vermont Employment Growth Incentive (VEGI) program and the Tax Increment Financing (TIF) District program.
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The VEGI program provides cash payments to businesses that have been authorized to earn the incentive and who then meet performance requirements. The value of each payment is based on the revenue return generated to the State by prospective qualifying jobs, payroll creation, and capital investments.
Generally, a TIF District is established by a municipality around an area that requires public infrastructure improvement to encourage private real property development or redevelopment. TIF is a tool that municipalities may use to ease the taxpayer burden associated with necessary infrastructure improvements.