The Rutland, Vermont Board of Aldermen has approved a Letter of Intent to apply to the state for a Tax Increment Financing, or TIF, district.
A TIF district uses incremental tax revenues to cover the cost of infrastructure projects for development. Rutland’s full application will be submitted to the Vermont Economic Progress Council in early 2025.
Projects within the proposed TIF district include the creation of 385 housing units over 7 years and upgraded public and transportation infrastructure.
If the district is approved, public projects could begin in the spring of 2026.