Year Created: 2008
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 April 2008, the Town of Milton created the Milton Town Core TIF District that is essentially a corridor along Route 7 starting from the area east of the south end of Lake Arrowhead, west along Main Street, south along Route 7 through the downtown area, west along Route 7 to Interstate 89. The TIF is intended to improve infrastructure that would encourage development in the core area along Route 7 and better define the area as Milton’s downtown.
In December 2008, Milton submitted the first application to the Vermont Economic Progress Council pursuant to the new statutory changes for TIF District approvals enacted in 2006 (Act 184). In April 2009, VEPC gave conditional approval to the Milton Town Core TIF District Plan.
In 2009, the General Assembly enacted several amendments to the TIF District statute that applied to only the Milton Town Core TIF District (See §82 of Act 54, 2009). Under these provisions, this TIF district operates under slightly different rules than the other Districts created after 2006.
In March 2011 Milton submitted, and in April 2011 VEPC gave final approval to, the TIF District Plan, and approved a TIF Financing Plan, for the Milton Town Core TIF District.
Public investments in infrastructure totaling $24 million are projected to leverage over $126 million in private development. The base value of the District was about $124 million when created, it was $157 million in grand list year 2015 and the value when the TIF is fully developed is expected to be $251 million. Before the TIF District, the properties sent about $1.5 million a year to the Education Fund. When the TIF retention period ends, the properties will send more than $3 million to the Education fund each year.
As of June 30, 2016:
Approximate Value of TIF Supported Infrastructure: $3,360,251
Approximate Value of Private Investment: $36,718,211
Ratio of Public Investment to Private Development: 1:10