The former Collins Company factory complex in Canton. Town officials are considering using tax increment financing to help redevelop the site. Photo Credit: Ken Byron, Hartford Courant

The former Collins Company factory complex in Canton. Town officials are considering using tax increment financing to help redevelop the site. Photo Credit: Ken Byron, Hartford Courant

Canton residents approved a plan to hire a consult to study the use of tax increment financing for the Collins Company factory complex during their recent annual meeting, reports the Hartford Courant.

The study is being funded by a $10,000 Preservation of Place grant from the Connecticut Main Street Center along with town funds.  Town officials are now looking for a consultant who will help them prepare a study on how tax increment financing can help revitalize the factory complex.  Tax increment financing, or TIF, is an investment in redevelopment that is funded through the increased tax revenue generated as a result of that investment.

Canton Residents Support Study of Tax Increment Financing