Canton’s Tax Increment Financing Committee began discussing ways to offer tax incentives to try to stimulate private development projects when they met for the first time Monday, reports the Hartford Courant.
The committee is charged with recommending a consultant to the town on tax increment financing strategies. With tax increment financing, or TIF, the town would fund part of the costs for a private development and be paid back with increased tax revenue once the project is complete.
Much of the committee’s discussion focused on the Collins Co. site in Collinsville, which once was a major manufacturer but now is only partially occupied and in poor condition. Town officials want to jump-start redevelopment of the property by including it in a tax increment financing plan. However, committee members said there are so many unknowns about the Collins Co. development that a consultant would have difficulty analyzing it and developing proposals.