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From YouTube: City of Groton Public Hearing TIF - 9/4/18
Description
City of Groton, CT municipal meeting - Public Hearing: Tax Increment Financing. September 4, 2018
A
B
A
A
C
C
Basically,
areas
of
that
would
not
support
projects
if
it
didn't
have
this
type
of
a
mechanism,
it
leverages
the
anticipated
increased
assessments
that
is
above
a
baseline
and
I'll.
Talk
about
that.
A
moment
on
how
you
establish
that
that
baseline
for
the
assessment
in
general,
the
funds
can
be
used
for
a
broad
spectrum
of
items,
from
public
infrastructure,
to
public-private
partnerships,
to
promote
development,
not
to
facade
improvement
programs,
land
purchasing
remediation
personnel
costs.
If
there
was
ever
a
bid.
C
Business
Improvement
District
right
down
to
various
programs
to
support
I
mean
in
train
businesses
for
economic
development.
Not
all
of
the
incremental
rent
of
revenues
must
be
applied
to
the
district.
Some
of
it
can
go
into
the
general
fund
and
that's
discussed
in
the
policy
and
I'll
look
into
the
details
on
that
a
little
bit
in
a
moment,
but
there
must
be
a
separate
fund
established
for
a
TIF
for
each
TIF
district.
C
If
you
have
more
than
one
for
a
tracking
and
management
purposes,
the
probably
the
the
one
biggest
caveat
from
the
legal
standpoint
under
the
state
law
is
that
the
sum
of
all
districts
cannot
exceed
ten
percent
of
the
total
grand
list
and
that
foods
not
just
in
the
city,
but
that's
also
in
the
town
as
well.
So
it's
the
town
and
city
and,
as
you
probably
are
aware,
the
town
is
pursuing
three
districts
at
the
moment.
What
TIF
is
not,
it
is
not
a
new
tax
or
a
special
assessment.
C
There
are
copies
upfront
if
anybody
needs
another
another
one,
but
it
generally
establishes
the
framework
for
how
you
plan
a
TIF
district,
how
you
go
about
adopting
it
and
then
how
you
implement
the
policies
once
it's
adopted
and
how
it's
also
managed.
There's
various
financial
mechanisms
and
criteria
that
I'll
explain
in
a
moment,
but
some
of
the
benefits
of
having
a
TIF
policy
is
that
it
manages
the
risk
of
the
community
as
well
as
creates
consistency
between
districts,
not
just
within
the
city,
but
also
within
the
town
in
the
TIF
policy.
C
The
policy
also
defines
what
is
with
any
district
master
plan
and
a
master
plan
is
not
force
a
lovely,
architectural,
renderings
and
site
plans.
It's
really
it's
a
verbal
explanation
of
what
is
within
and
what
can
be.
It
should
be
done
within
the
district.
There
are
two
types
of
master
plans
for
the
city
policy,
and
this
varies
between
the
city
and
the
town.
There's
a
city
only
master
plan.
If
you
to
move
forward
with
a
city
only
plan,
you
would
only
realize
the
increased
revenue
of
the
tax
increments
on
the
city
portion
of
the
tax.
C
C
It's
kind
of
hard,
tangible
in
some
respects
to
understand
what
it
could
be,
but
30
years
was
enough
to
start
to
see
change,
and
then
it
also
identifies
the
public
and
private
private
proc.
Excuse
me
projects
in
programs
that
could
be
funded,
and
we
you
do
need
to
be
specific
with
how
you
list
them
here.
If
it's
not
listed
within
a
district
plan,
then
it's
not
a
type
of
project
that
can
be
funded
by
the
by
the
TIF
district
and
also
the
management
and
operations
on
a
daily,
an
annual
basis.
C
A
financial
plan,
as
I
explained,
the
Oh,
a
V
or
the
original
assessed
value.
The
math
maximum
assessment
captured
within
the
district
was
identified
in
the
policy
as
being
50%
of
that
increment,
but
you
can
go
up
to
a
hundred
percent,
so
there's
flexibility
in
there,
but
50
percent
was
identified
as
being
a
starting
point
and
a
target
point
how
the
funds
are
established
and
managed.
It
also
estimates
the
future
assessed
value
in
30
years
above
the
OE
v
and
there's
a
no
hard
and
fast
rule
on
how
you
estimate
that
future
value.
C
I'll
explain
a
little
bit
more
in
the
future,
there's
basically
four
financing
options
under
the
policy.
The
first
is
called
the
credit
enhancement
agreement,
which
is
primarily
used
for
public-private
partnerships
under
a
credit
enhancement
agreement.
You
reimburse
the
developer
a
percentage
of
the
realized
increment,
and
this
is
the
preferred
way
to
fund
a
public-private
partnership
rather
than
in
other
methods.
It's
at
least
risky.
C
I'm
gonna
do
one
talk
in
more
detail
about
the
ceas,
because
the
policy
talks
in
detail
on
it
and
it
is
the
preferred
mechanism
for
private
development
or
supporting
private
development.
Now
may
explain
that
it
reimburses
the
increment
after
you
pay
the
tax,
so
property
owner
has
to
pay
the
city
town
the
tax
once
it's
received,
then
its
reimbursed
at
a
later
date.
So
you
have
to
confirm
good
faith.
You
have
to
have
the
money
in
order
to
get
the
money
back.
Just
like
the
increment
overall
of
capturing
in
the
in
the
district.
C
The
the
starting
point
is
reimbursing
50
percent
of
that
tax
increment,
although
it
does
remain
in
the
policy
that
the
city
can
go
up
to
100
percent,
but
only
too
clearly
benefits
and
the
city
in
in
the
district.
It
does
the
least
riskiest,
because
you're
you're
still
receiving
money
and
you're
guaranteed
to
get
money
and
you're
paying
it
back,
and
there
is
flexibility
in
the
policy
to
negotiate
the
terms
on
a
case-by-case
basis.
C
You
cannot
use
the
CEA
or
actually
under
a
CEA.
You
cannot
take
advantage
of
the
Enterprise
Zone
reduced
assessment
and
you
cannot
use
other
city
or
town
benefits
such
as
we
have
a
small
grant
program
for
for
small
businesses
that
may
not
be
able
to
be
used
as
well
as
another
benefit
that
the
town
has
to
fund
public
infrastructure
projects
and
again
the
CEA
is,
are
only
used
when
there's
a
clear
direct
benefit
to
the
city
and
when
there
is
a
need
and
the
need
is
to
help
offset
infrastructure
costs.
C
There's
absolutely
no
other
funding
opportunity
that
a
developer
can
take
advantage
of
and
it
is
used
to
fill
the
gap
and
it
can't
just
go
to
any
developer.
There
is
certainly
some
criteria.
The
applicant
must
have
the
financial
capacity
and
be
worthy,
and
the
project
must
cost
a
minimum
of
1
million
dollars.
Excluding
land
costs
and
the
applicant
must
contribute
10%
of
the
equity
of
equity,
into
the
project
costs
and
again,
all
other
fundings
and
sources
in
incentives
must
have
been
excluded
or
pursued.
So
how
do
we
use
it
in
the
city?
C
So
funds
from
a
TIF
district
can
be
used
to
offset
any
costs
associated
with
those
efforts
and,
just
generally
speaking,
there's
two
locations
that
is
being
explored.
The
Thames
Bridge
Street
corridor,
which
is
highlighted
in
green
from
Eastern
Point
Road,
all
the
way
up
to
roughly
the
I-95
I'm
interchange
and
then
the
five
corners
district
highlighted
in
red.
C
So
next
steps
we
find
the
district
boundaries
work
to
develop
the
master
plan
and
then
begin
the
adoption
process.
There
is
a
90-day
referral
to
the
Planning
and
Zoning
Commission.
So
once
the
master
plan
has
been
developed,
it
must
go
to
the
planning
Zoning
Commission
for
roughly
three
months
before
public
hearing
can
open
and
from
now,
and
if
the
policy
is
approved
tonight,
we're
probably
talking
about
at
least
six
months
approximately
to
to
start
a
public
hearing
for
for
the
first
district
or
both
it
might
be
more
like
eight
or
nine.
C
A
E
C
I
think
the
risks
come
in
on
the
side
of
that
there
may
not
be
any
increased
value,
which
is
not
hope
for
under
a
TIF
district,
and
so
you
know
there
may
be
years
that
you
don't
have
that,
but
you
know
you're
you're,
hoping
for
the
sake
of
the
success
of
the
district,
that
there
will
be
that's
probably
the
one
of
them
I
think
we
need
to
be
very
careful
with
any
agreements
that
we
would
enter
into
if
we
were
to
select
to
enter
any
public-private
partnerships
and
I.
Think
that's
one
of
the
reasons.
C
A
D
Dennis
I
guess
would
depend
the
risk
as
far
as
how
much
investment
public
money,
which
would
be
the
city
compared
to
how
much
private
money
goes
into
a
specific
project.
I
guess
would
be
the
risk
factor.
If,
obviously,
we
get
that
say
an
80/20
eighty
percent
private
twenty
percent
public
money.
We
would
certainly
you
know-
it'd-
be
less
risk
for
the
city
depending
on
yeah.
C
I
think
that's
correct
in
many
of
these
items
in
the
policy
are
clear
that
you
really
need
to
assess
the
benefit
that
the
city
will
be
getting
so
the
benefit
this
the
residents,
the
businesses
just
the
quality
of
life
as
well.
So
yes,
whether
it's
an
80/20
or
fifty-fifty-
or
you
know,
there's
that
scale
that
has
the
order
of
magnitude
of
risk
as
well.
C
C
It's
a
good
question
and
getting
the
word
out
in
marketing
is
always
good,
always
a
challenge.
I
know
for
us
right
now.
One
of
the
initiatives
that
I'm
working
on
along
with
Sierra
Patrick,
our
economic
development
specialists
will
be
going
full-time
and
in
November,
is
to
update
our
website
to
make
sure
that
it
is
up-to-date
and
she's
going
to
be
beginning
on
a
business
outreach
program.
One,
the
private.
The
priority
is
for
existing
businesses
within
the
community,
but
the
other
priority
will
soon
be
promoting
the
city
outside
going
to
trade.
C
Shows
that
that's
appropriate
going
to
events
developers
might
be
on
other
organizations
to
let
them
know
who
we
are
and
identifying
them
and
having
material
to
leave
behind.
So
they
took
people
know
what
we
what
we
have
and
it's
the
biggest
just
like
in
business.
It's
it's
word
of
mouth
on,
you
know
getting
out
there,
meeting
people
and
being
active
and
rather
than
passive.
D
D
A
B
C
A
Anything
else.
Okay,
thank
you.
Thank
you.
The
next
part
of
this
public
hearing
is
public
comment.
It's
to
solicit
input
on
a
proposed
resolution
to
adopt
the
city
of
Groton
tax,
increment
financing,
tip
policy
from
the
electors
of
the
sea,
Groton
all
others
qualified
to
vote.
The
public
comment
is
a
portion
of
the
meeting
where
the
council
welcomes
comments
from
the
citizens.
A
If
you
want
to
speak,
please
sign
the
sheet
on
the
table
at
the
front
of
the
meeting
room
when
you're
recognized
by
the
mayor.
Please
approach
the
podium
clearly
state
your
name
and
address
is
speaking
to
the
microphone.
Each
presentation
should
be
limited
to
five
minutes
or
less,
and
citizens
should,
if
possible,
submit
written
comments,
and
the
presentation
should
be
related
to
matters
pertinent
to
the
tax
increment
financing
policy.
Is
there
anyone
in
the
audience
who
would
like
to
speak
regarding
the
tax,
increment
financing
policy.
A
F
C
As
I
had
mentioned
before,
and
what
I
didn't
mention
is
that
the
TIF
legislation
has
been
around
for
many
years,
but
the
original
was
very
poorly
crafted
and
was
not
a
useful
tool,
but
there
had
been
several
changes
that
was
recently
adopted
a
over
the
last
two
years.
So
there
are
several
communities
that
are
now
actively
have
them,
so
they,
the
track
record
over
the
long
term
in
Connecticut,
is
not
as
lengthy
as
all
the
other
states.
C
So
I
don't
have
other
specifics
in
other
states,
but
the
one
that
brought
to
my
attention
this
morning
with
Windsor,
where
they
were
actually
the
first
in
the
state
to
adopt
about
two
years
ago,
a
year
and
a
half
ago,
and
they
were
able
to
attract
a
developer,
to
convert
250,000
square
foot.
They
could
contaminated
mill
building
next
to
the
the
Hartford
rail
line,
I
mean
now
converted
into
160
units.
A
G
G
Why
don't
I
can't
remember
which
one
it
was,
but
he
had
experience
in
one
of
those
states
where
it
was
very
successful
and
I
think
we
had
asked
them
questions
about
that.
So
that's
where
we
kind
of
drew
our
examples
from
because
he
had
had
experience
because
they
had
been
doing
it
obviously
longer
komoi.