New Britain city and business leaders hope to make it easier for developers to do business by making downtown a Tax Increment Financing (TIF) district by September, report the New Britain Herald.
Developers often have trouble getting developments off the ground because they require many layers of financing. However, TIFs are designed to allow a community to provide financial help to developers. With TIFs, investments within a specified district are repaid over time as the value of the property increases – an increase that would not have occured but for the investment.
New Britain was recently awarded a $10,000 Preservation of Place grant from the Connecticut Main Street Center (CMSC) to work with the city on the creation of a new TIF district. New Britain would become one of the first communities in the state to have a TIF District, as legislation permitting such districts in Connecticut took effect Oct. 1, 2015.
The Common Council must sign off on the measure and can expand TIF from downtown to throughout the city.