Montville, CT

TIF (Tax Increment Financing)

Overview

Montville is evaluating two TIF Districts.  The guiding document to establishment of the districts is the TIF District Policy. A draft can be downloaded here.

The Town Center District encompasses an expanse of developed and undeveloped land along Route 32 from just north of the Waterford / Montville Town Line to the Police Department.  Select to download the Draft Master Plan and map.

The Gateway North District focuses at the predominately commercial district around the RT 32 and RT 2A interchange.  Select to download the Draft Master Plan and map.

Tax Increment Financing (TIF) is an economic development financing tool authorized under Connecticut law (2015).  It was revised from a prior unusable statute.  Highlights of TIF include:

  • TIF does not create a new tax or increase the mill rate
  • It allows a municipality to reinvest future increases in property tax revenue from a defined geographic area (TIF District) back into the District
  • Not all tax revenue must be used for the district, a specific percent (i.e. 50%, 75%...) can be identified in the financing plan established by the Council
  • TIF can be used to facilitate development that may not otherwise occur
  • TIF is more than a promise to invest, it tells developers and businesses the municipality is dedicated to a specific area through TIF District adoption.
  • The District remains in place for the duration set during adoption
  • A district is adopted through a public hearing process and must be approved by the Town Council
  • The district can be modified at any time, following the same process of adoption

More general information can be found here: CT Main Street Publication

Town coordination documents are located in the Form Repository.