Bristol officials are moving forward with plans to establish a new tax increment financing district in the downtown area.
For more than 20 years, TIF districts — along with tax abatements — have become popular tools for cities and municipalities to stimulate urban areas.
Under many TIFs, taxes collected on the base value of the property prior to redevelopment are paid to the city.
Any tax increases go directly back into the area’s redevelopment or infrastructure needs or can service debt.
Growth in property taxes — the increment — goes into a fund that can be used for land acquisition, infrastructure improvements and other development costs.
The financing is available in urban renewal districts only.
A downtown core must be designated as an urban renewal district.
TIF will be awarded to the property owner as a rebate of the new taxes over years defined by the city.
The proposed downtown Bristol Tax Increment Financing District will encompass approximately 360 acres in the downtown area of Bristol.
The area is bounded by starting at the intersection of South Street Extension/ South Street/ West Street and Wolcott Street on the west in a northerly direction by West Street; by the northernmost boundary by Farmington Avenue; by the eastern boundary in a southerly direction by Maple Street and Bellevue Avenue until the intersection of Bellevue Avenue and High Street; from the intersection of High Street and Bellevue Street in a eastern direction bounded by High Street to the intersection of Queen Street and in a eastern direction Queen Street and Blakeslee Street to the intersection of Blakeslee Street/ Downs Street and Riverside Avenue; continuing to the south bounded by Downs Street to the eastern end of South Street; along the southern limits by South Street to the intersection of South Street Extension/Wolcott Road and West Street.
Once approved, developers will have tax incentives to develop in the approved downtown area. Investors can buy up properties to create retail and restaurants and living spaces on the former mall site and other defined downtown areas.
A public hearing will be held on Wednesday, August 15, 2018, at 6:00 p.m. at the City Hall to discuss TIF.