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Searching 2017-2018 Session

The Vermont Statutes Online

Title 24 : Municipal and County Government

Chapter 053 : INDEBTEDNESS

Subchapter 005 : Tax Increment Financing

(Cite as: 24 V.S.A. § 1892)
  • § 1892. Creation of district

    (a) Upon a finding that such action will serve the public purposes of this subchapter and subject to subsection (d) of this section, the legislative body of any municipality may create within its jurisdiction a special district to be known as a tax increment financing district. The district shall be described by its boundaries and the properties therein and the district boundary shall be shown on a plan entitled "Proposed Tax Increment Financing District (municipal name), Vermont." The legislative body shall hold one or more public hearings, after public notice, on the proposed plan.

    (b) When adopted by the act of the legislative body of that municipality, the plan shall be recorded with the municipal clerk and lister or assessor, and the creation of the district shall occur at 12:01 a.m. on April 1 of the calendar year so voted by the municipal legislative body.

    (c) A municipality that has approved the creation of a district under this section may designate a coordinating agency from outside the municipality's departments or offices to administer the district to ensure compliance with this subchapter and any statutory or other requirements and may claim this expense as a related cost. However, the coordinating agency shall not be authorized to enter into any agreement or make any covenant on behalf of the municipality.

    (d) The following municipalities have been authorized to use education tax increment financing for a tax increment financing district, and the Vermont Economic Progress Council is not authorized to approve any additional tax increment financing districts even if one of the districts named in this subsection is terminated pursuant to subsection 1894(a) of this subchapter:

    (1) the City of Burlington, Downtown;

    (2) the City of Burlington, Waterfront;

    (3) the Town of Milton, North and South;

    (4) the City of Newport;

    (5) the City of Winooski;

    (6) the Town of Colchester;

    (7) the Town of Hartford;

    (8) the City of St. Albans;

    (9) the City of Barre; and

    (10) the Town of Milton, Town Core. (Added 1985, No. 87; amended 2013, No. 80, § 3.)