Artist rendering of City Center, courtesy of City of South Burlington.
Vermont Business Magazine At its October 4 meeting, the South Burlington Business Association’s (SBBA’s) Board of Directors voted in support of the November ballot question authorizing the expenditure of up to $5 million funds in the Tax Increment Finance (TIF) District in support of the redevelopment of Market Street and Dumont Park. In 2015, the SBBA adopted a position statement supporting the vision of City Center “as a mixed use urban environment, including commercial, residential, public, and recreational uses. The SBBA also supports the use of TIF (Tax Increment Financing) in order to drive the development of the City Center vision.” The SBBA resolution makes it clear that the primary focus of the City should be on the critical first step of redeveloping Market Street as the foundational artery for City Center.
“As the voice of business in the City of South Burlington, we feel that steps must be taken now to ensure the success of City Center” commented SBBA Board Chair, Mike Keller, Co-Managing Partner of Gallagher, Flynn and Company, LLP. “The intent of a TIF District is to use public funds to leverage and facilitate private development, and we believe that the redevelopment of Market Street will be exactly the leverage we need to incent private investment here,” continued Keller.
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City Center Projects
Public Vote on TIF District ProjectsAll public infrastructure projects, in order to use future revenue from the TIF District require the authorization of the voters of the City of South Burlington. The vote on the first projects is scheduled for November 8 2016. PHASE I Project—City Center Park (Dumont Parcel)
PHASE I Project—Market Street Reconstruction
The City has received $5.5M in outright and matching Federal grant funds to reconstruct Market Street. This multi-year project will result in an improved street with sidewalks, street trees, and street furniture such as pedestrian-oriented decorative lights and seating. It will also comply with the State Complete Streets Act. The Environmental Assessment was completed in 2010. The City accepted the concept for Market Street on May 7, 2012 and the plan set is underway. This project is tentatively scheduled to be completed by 2020. Garden Street
Public Facilities (Library, Recreation Center, City Hall)A Council appointed task force worked through the fall/winter of 2013 to create a recommended program for public facilities in City Center. The recommendation includes an assessment of needs, square footage and a cost estimate. In 2016, the City Council entered into an agreement with the Library Board of Trustees to design and construct a new Public Library.
Catamount Ice Hockey/Basketball Arena
Williston Road Network Study
TIF District Financing Public Investment PolicyThe City of South Burlington TIF District will enable the City to build public infrastructure that provides economic benefit to private developments. A policy has been drafted for consideration by the City Council. The City Council has tentatively scheduled a public comment period during their regular meeting on July 18 and the public is invited to comment on the draft policy at that time. Read the draft policy. Questions and comments may also be directed to Ilona Blanchard at 846-4123. City Center Tax Increment Financing District
Neighborhood Development AreaThe South Burlington New Town Center/TIF District is a State Neighborhood Development Area. This designation provides the following benefits:
Market Study
Potash Brook RestorationThe U.S. Army Corps of Engineers is partnering with the City to restore tributary three of Potash Brook with innovative stormwater treatment. This project treats water collected from existing paved surfaces during rain events north and east of Midas Drive but does not address stormwater for future development projects in the core of City Center. It will also widen the stream crossing. There are several ongoing stormwater projects in this area. New Town Center DesignationSouth Burlington’s City Center area was designated a New Town Center for Vermont on January 28, 2010. This designation signifies that the City’s plans for growth (as a new compact, mixed-use development in the area of Market Street) have been approved by the Vermont Downtown Development Board. This designation is a required prerequisite to applying for a Tax Increment Financing District. This designation includes most properties in the area south along San Remo Drive, areas west and east of Dorset Street from the University Mall to to Williston Road but excludes properties north of Williston Road and on Williston Road east of the Central School. |
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The City’s 2010 Letter of Intent outlined the investments that could be made as part of the TIF District. The first investment contemplated on that list is to “upgrade and create a network of central city streets.”
The sprawling City Cennter development would create commercial and residential development and create new streets and upgrade existing ones in a large piece of property that would connect Dorset Street, Hineburg Road and Williston Road. A $60 million arena that would house University of Vermont sporting events, among other events, has also been proposed. But the City Center development is not dependent on the arena project and is not part of this TIF vote.
“We believe the 2010 Letter of Intent accurately prioritized the kinds of investments that our community needs to make, and urge the voters of South Burlington to take this pivotal next step and support the ballot initiative in November,” said Keller.
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On November 8, 2016, the voters will be asked the following question:
Shall the City Council be authorized to pledge the credit of the City to secure indebtedness, to borrow, or to make direct payments of TIF increment for the purpose of funding one or more public infrastructure or capital improvements and related costs attributable to projects serving the City Center Tax Increment Financing (TIF) District, specifically:
(a) Market Street Reconstruction:
(a section of roadway between Dorset Street and Hinesburg Road
inclusive of all intersections)
to include streetscape, stormwater treatment, utility, lighting
and transportation upgrades;
(b) City Center Park Phase 1 (Dumont Parcel):
(site improvements to create a natural area park)
to include pathways, water quality improvements, landscaping,
wetland protection, learning and play exploration areas and signage;
(c) Related Costs: reimbursement for TIF eligible related costs incurred by
the City for the creation, implementation and administration of the
City Center TIF District;
in a total principal amount not to exceed Five Million Dollars ($5,000,000)
(to date, the total City Center TIF tax increment financing debt approved is $0), and to make direct payments, issue bonds, notes or make inter-fund loans for such purposes, with the understanding that tax increment from the properties within the City Center TIF District shall be pledged and appropriated for the payment of such indebtedness or direct costs of the improvements?
About the SBBA: The South Burlington Business Association is a non-profit membership organization that was formed in 2014 by a group of long time business owners who care deeply for the South Burlington Community and are dedicated to making South Burlington an even better place to work and live. We present a focused face to the public and municipal government to give voice to local business. Through the SBBA’s regular membership meetings and other outreach initiatives, we will actively interface with the City administration, the school district administration, the Greater Burlington Industrial Corporation (GBIC), and the Lake Champlain Regional Chamber of Commerce. The purpose of the SBBA is to encourage and promote economic development and vitality of the City of South Burlington while creating a vibrant and sustainable community for the benefit of residents, visitors and area businesses alike.
About the SBBA Board: The SBBA has 14 members on its Board of Directors:
- Mike Keller, Chair; Gallagher, Flynn and Company, LLP
- Duncan Macdonald, Vice Chair; Play It Again Sports
- Stefan Bachofen, Treasurer; Country Business, Inc
- Tracy Davis, Secretary; Northfield Savings Bank
- Julie Beatty, SBBA Coordinator
- John Burton, NPI Technology Management
- Judy Kearns, The Other Paper
- Tim McKenzie, South Burlington Realty Company
- Larry Michaels, Neville Companies
- Jack Russel, Century 21 Jack Associates
- Matt Sacco, Bibens Ace Hardware
- Mike Simoneau, Geri Reilly Real Estate
- Heather Tremblay, Finard Properties
- John Wilking, Neville Companies
- Jason Williams, University of Vermont Medical Center
Text of the October 4th resolution: “The SBBA Board of Directors supports the redevelopment of Market Street, and urges South Burlington Voters to support the November ballot initiative authorizing the bonding and investments necessary to build this important and foundational artery for City Center.”
Source: SOUTH BURLINGTON – SBBA 10.5.2016