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Town adopts Tax Increment Financing (TIF) Master Plan and District

Monday, September 09, 2019

What is TIF?

 

Tax Increment Financing is a local economic development tool, permitted under Connecticut General Statutues, which authorizes municipalities to create TIF districts.  A TIF district allows a city or town to use a portion of incremental real property tax revenues generated from new capital investment in the district to assist a project's financing and development.  TIF is not a new or increased tax on Cheshire residents and businesses.  Rather, a percentage of the new real property tax revenues in the TIF district are dedicated to support development and subsequently increase the growth of the Grand List.  TIF revenues permit a municipality to fund a number of uses associated with development activity in the district such as infrastructure, streetscape, traffic and road improvements.

 

The Town of Cheshire's district is the Interchange Zone TIF District, which is comprised of 329 acres at Interstate I-691 and Route 10.  For further information, contact Economic Development Coordinator Gerald L. Sitko at jsitko@cheshirect.org or (203) 271-6670.  Please click here to view the Interchange Zone TIF District Master Plan.

Last updated on Monday, September 09, 2019