While some questions remain, several town officials, developers and property owners are hoping that tax increment financing might help spur efforts to re-develop the Collins Company complex, reports the Canton Compass.
The town received a $10,000 Preservation of Place (POP) grant from CMSC to help facilitate a master plan for redeveloping the Collins Company Factory Complex using Tax Increment Financing (TIF). TIF allows municipalities to use anticipated future tax revenue to help fund portions of a specific project or general infrastructure improvements in a given area. The master plan, if ultimately accepted by town boards and the public, could be the first step to implementing TIF financing. Under state law, the master plan is also a required step.
The town hopes the master plan can be used as a template that can be applied to other areas of town. The grant will help fund a consultant to help the town create that plan, which would define the district’s boundaries, gather input from stakeholders, facilitate public input and hearings, determine possible financing options, look at potential public improvements, detail current conditions, create a financial plan, and help shepherd the process through the public and commission approvals.