The Vermont Economic Progress Council (VEPC) unanimously approved July 25 South Burlington's plan to use tax increment financing to build City Center as a public-private partnership. The City Center is a piece of land off Market Street, opposite the University Mall between Dorset Street and Hinesburg Road.
‘We really appreciate the efforts of Governor Shumlin, our Chittenden County legislators and the VEPC Board for ensuring that South Burlington has the opportunity to make City Center a reality’, said Pam Mackenzie, City Council Chair, commenting on this milestone. Last August, the city applied to use a portion of State Education taxes on new development in the TIF District to build environmental, transportation and placemaking projects in order to establish City Center as the downtown heart of the community.
In meetings over the last year, the board deliberated on whether TIF District funding could be used for each public project proposed in the TIF District. All proposals received at least some eligibility including Market Street reconstruction, a new street connecting Healthy Living to Midas Drive, a downtown park, stormwater treatment, wetland mitigation, a streetscape on Williston Road, a city hall, a recreation center, a library, a pedestrian/bicycle bridge over I-89, and Dumont Park including associated pathways.
This was the first application in which public buildings were able to stand up to the Board’s test of contributing to the economic vitality of the TIF District. South Burlington will still need to have a financing plan approved by VEPC and undertake considerable design and engineering as well as gain voter approval before any project may be built.
South Burlington has nearly 18,000 residents and a daytime population of 28,000. It is one of the few communities in Vermont without a downtown.