§ 1891 - Definitions - Vermont Statutes

§ 1891. Definitions

When used in this subchapter:

(1) "Municipality" means a city, town, or incorporated village.

(2) "District" or "TIF" means a tax increment financing district.

(3) "Legislative body" means the mayor and alderboard, the city council, the selectboard, and the president and trustees of an incorporated village, as appropriate.

(4) "Improvements" means the installation, new construction, or reconstruction of streets, utilities, and other infrastructure needed for transportation, telecommunications, wastewater treatment, and water supply, parks, playgrounds, land acquisition, parking facilities, brownfield remediation, and other public improvements necessary for carrying out the objectives of this chapter.

(5) "Original taxable property" means all taxable real property located within the district on the day the district was created under this subchapter.

(6) "Related costs" means expenses, exclusive of the actual cost of constructing and financing improvements that are directly related to creation of the tax increment financing district and reimbursement of sums previously advanced by the municipality for those purposes, and attaining the purposes and goals for which the tax increment financing district was created, as approved by the Vermont economic progress council.

(7) "Financing" means the following types of debt incurred or used by a municipality to pay for improvements in a tax increment financing district:

(A) Bonds.

(B) Housing and Urban Development Section 108 financing instruments.

(C) Interfund loans within a municipality.

(D) State of Vermont revolving loan funds.

(E) United States Department of Agriculture loans. (Added 1985, No. 87; amended 2005, No. 184 (Adj. Sess.), § 2a; 2007, No. 190 (Adj. Sess.), § 54, eff. June 6, 2008.)