Year Created: 2011
Type: TIF Plan Approved by VEPC under TIF Authority 32 VSA 5404a(h)
Split of Increment: Education Fund = 75%/25% and Municipal General Fund = 75%/25%
In 2008, the Town of Hartford received a State Municipal Planning Grant to develop the White River Junction Village Revitalization plan. The plan laid out a vision for the future which included increasing density in areas where infrastructure was already in place, and included an assessment of the village’s existing infrastructure and utilities. To encourage greater density and increase housing options in and around White River Junction, an additional planning grant supported the creation of Hartford’s Designated Growth Center in 2010 which opened the door for approval of a TIF District in 2011.
As with many communities around the State, while existing infrastructure in White River Junction made it a logical place to invest and grow, the existing infrastructure was old and in poor condition. Despite interest from developers and a wide selection of properties ripe for substantial redevelopment, the lack of water, wastewater and storm water capacity was a barrier to development. Hartford was also faced with a gap between the deteriorating infrastructure conditions and the financial capacity to upgrade and build the infrastructure to a standard that would ensure successful development and provide the town and region with a vibrant downtown.
To bridge this gap, the Town of Hartford created a TIF District. Public investments in infrastructure totaling just under $13 million is expected to leverage over $60 million in private development. The base value of the District was about $32 million upon creation, it was $34.7 million in grand list year 2015 and the value when the TIF is fully developed is expected to be $94.2 million, an increase in value of $63 million. Before the TIF District, the properties sent about $460,000 a year to the Education Fund. When the TIF retention period ends, the properties will send more than $1.3 million to the Education fund each year.
As of June 30, 2016:
Approximate Value of TIF Supported Infrastructure: $402,648
Approximate Value of Private Investment: $24,280,648
Ratio of Public Investment to Private Development: 1:60