Town officials in Canton accepted a $10,000 Preservation of Place (POP) grant from CMSC to explore tax increment financing, or TIF, as a way to help finance private development and jump-start revival of the former Collins Company factory complex, reports the Hartford Courant.

The POP grant will help pay for a consultant to prepare a plan on how best to use the financing method, which could then be used in other parts of town in addition to Collinsville. Tax increment financing helps a municipality fund a development project through infrastructure improvements or other benefits and is paid back through increased tax revenues once the work is done.

Current tax revenue from the Collins Company property is $31,000 annually, but officials predict it could be as much as $1.6 million if fully redeveloped. First Selectman Leslee Hill said there is a lot of interest in the community to see something happen with the old factory and the town needs to respond.

Canton Officials Look At Ways to Help Redevelop Collins Co. Site