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Mayor Miro Weinberger Statement on Legislative Approval of Waterfront TIF District Extension

FOR IMMEDIATE RELEASE

 

May 9, 2016
Contact:  Jennifer Kaulius
             
   802.324.2505

                  

Mayor Miro Weinberger Statement on Legislative Approval of
Waterfront TIF District Extension Necessary to Fund Public Infrastructure
Related to Redevelopment of Downtown Mall

 

“The redevelopment of the Burlington Town Center Mall achieved another major milestone last Friday when the Vermont Legislature approved a 10-year extension of the Burlington waterfront TIF district for the mall property. This approval ensures that the City will have the ability to pay for public improvements related to the redevelopment project – including the rebuilding of St. Paul and Pine Streets through the current mall property as publicly-owned streets – entirely by new incremental tax revenue generated as a result of the projected $200 million of private investment in the site. Thank you Senator Michael Sirotkin for leading this important legislative effort, and thank you to the entire Chittenden County Legislative Delegation for their strong support of Burlington’s top legislative priority. This TIF extension approval – on the heels of last week’s strong City Council approval of the predevelopment agreement – represents another important step towards the transformation of two central blocks of our downtown and its creation of new homes, jobs, downtown vibrancy, increased transportation connectivity, and City and State revenues.”

 

For more information about the TIF district extension approved by the Legislature, please see the attached document.

 

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Press Release Date: 
05/09/2016
City Department: 
Mayor's Office