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The committee unanimously recommended a 10-year Credit Enhancement Agreement for 92 Main Street, with the benefit starting at 100% in year one and declining to 55% by year ten. It also unanimously recommended a $950,000 TIF utilization budget for design, building improvements, consulting, and public safety cameras, with further review of the camera funding.
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If approved through the remaining review process, the 92 Main Street project would receive a declining tax-related benefit over 10 years in exchange for stated public benefits including historic preservation and improvements to Main Street. The proposed TIF budget includes $200,000 for downtown design projects, $500,000 for building and facade improvements, $50,000 for consultants, and $200,000 for public safety cameras. The committee also continued work on possible new TIF districts in North Thompsonville and the Hazardville/Scitico area, but did not make a final decision on those districts.
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