Mariner's Way Tax Increment Financing (TIF) District & Plan
The Mariner’s Way TIF District was approved at a Town Meeting January 22, 1019 as a means to encourage the development goals and action items contained in the Mariner’s Way Plan, adopted by the Town in 2014, and the Discovery + Action Plan, funded through a State of Connecticut Browfields Area-wide Revitalization grant, completed in December 2017.
The Mariner’s Way Tax Increment Financing (TIF) District Master Plan, as required under state law and as specified in Chapter 105b, outlines the ways in which Tax Increment Funds will be generated, approved and utilized to further the implementation of Mariner’s Way development goals and action items.
Each year, as part of the annual budget approval process, the Tax Increment Financing (TIF) Advisory Board will review the availability of Tax Increment Funds for the Mariner’s Way TIF District and determine if and how those funds should be allocated to redevelopment projects outlined in the Mariner’s Way TIF District Master Plan. The goal of the TIF Advisory Board will be to incentivize projects that meet the Town’s redevelopment vision for Mariner’s Way. TIF Fund expenditures must be recommended by the TIF Advisory Board and then approved by the Board of Selectmen, Board of Finance and the townspeople at a Town Meeting.
The TIF Master Plan and TIF District can be changed at any time by a vote at a Town Meeting. This includes changing how TIF Funds are used, adding or subtracting properties that are included in the TIF District, and dissolving the TIF District. When the TIF District sunsets or if it is dissolved, all the funds set aside in the TIF fund will go back into the Town’s General Fund.
Mariner's Way TIF District & Master Plan Approved at Town Meeting January 22, 2019