Frequently Asked Questions:
What is TIF?
PROCESS AND OPERATIONS
WHAT IS TIF? What is a TIF district?
What is the "Tax Increment"?
How is this Downtown TIF District different than the Waterfront TIF District?
How long has TIF been around?
Aren't there some TIF districts that have failed?
Why is Burlington pursing TIF?
Wouldn’t the development happen anyway?
What if the development doesn’t happen?
How does TIF work?
What projects will occur in this Downtown TIF District?
IMPACTS How will TIF affect my taxes?
What are the potential benefits of TIF to residents and businesses?
How will this TIF District affect Burlington?
Will TIF take away money from public services and the State Educational Fund?
Won't new development cause additional strain to the City General Fund because new city services are not paid by the new, incremental taxes?
Do property tax revenues from the properties in the TIF district continue to support City services and schools?
Will this negatively impact schools?
What public improvements would TIF revenue provide?
Will this result in new businesses or jobs?
What do these funds pay for?
PROCESS & OPERATIONS
Do any other Vermont towns have TIFs?
How is a TIF District created?
How can we be sure the increment funds will be used as intended?
What are the opportunities for public input?
Who monitors the TIF district?
How does the tax revenue accrue to the City and State Education Fund over a TIF district's lifetime?
Does this allow development projects to avoid the permitting process?
Why is this a March ballot item?
Why do we need to authorize $10 million?