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The commission recommended exploring an expanded tax increment financing zone with a revolving loan fund to support business development, including infrastructure and incentives for new and expanding businesses. Staff will research existing funds and possible consultants before the discussion continues in February; generally, 25% of tax increment financing revenues goes to a town account and 75% supports development in the district.
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The proposal could give Cheshire more tools to attract manufacturing and other businesses and help existing businesses expand. Possible incentives include relocation, startup, and other project costs, potentially tied to how long a business remains in Cheshire or how many employees it adds. The commission also received updates on Whole Foods, Starbucks, Homewood Suites, the remaining mall location, and other development activity.
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