Vermont H 378: An act relating to law enforcement officers employed by the U.S. Department of Veterans Affairs

Bill Text

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VT LEG #381015 v.3
H.378 1
Introduced by Representatives Bartley of Fairfax, Canfield of Fair Haven, 2
Bosch of Clarendon, Duke of Burlington, Graning of Jericho, 3
Krasnow of South Burlington, Marcotte of Coventry, Micklus 4
of Milton, Priestley of Bradford, and White of Bethel 5
Referred to Committee on 6
Date: 7
Subject: Taxation and finance; education property tax; tax increment 8
financing; municipal and county government; indebtedness; TIF 9
Statement of purpose of bill as introduced: This bill proposes to establish a 10
housing infrastructure tax increment financing program, administered by the 11
Vermont Economic Progress Council, to authorize municipalities to use 12
statewide education property tax and municipal property tax increment to pay 13
for financing undertaken by the municipality, a developer, or a sponsor for 14
infrastructure that will stimulate housing development within a geographically 15
eligible area. 16
An act relating to tax increment financing for housing infrastructure 17
It is hereby enacted by the General Assembly of the State of Vermont: 18
Sec. 1. 24 V.S.A. chapter 53, subchapter 7 is added to read: 19
Subchapter 7. Housing Infrastructure Tax Increment Financing 20

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VT LEG #381015 v.3
§ 1906. DEFINITIONS 1
As used in this subchapter: 2
(1) “Brownfield” means a property on which the presence or potential 3
presence of a hazardous substance, pollutant, or contaminant complicates the 4
expansion, development, redevelopment, or reuse of the property. 5
(2) “Committed” means pledged and appropriated for the purpose of the 6
current and future payment of financing and related costs. 7
(3) “Developer” means the person undertaking to develop a housing 8
infrastructure project. 9
(4) “Financing” means debt, including principal, interest, and any fees 10
or charges directly related to that debt, incurred by a sponsor to pay for a 11
housing infrastructure project and, in the case of a sponsor that is a 12
municipality, authorized by the municipality pursuant to section 1910 of this 13
subchapter. 14
(5) “Housing development site” means the parcel or parcels 15
encompassing a housing infrastructure project authorized by a municipality 16
pursuant to section 1907 of this subchapter. 17
(6) “Housing infrastructure project” means an improvement or 18
improvements authorized by a municipality pursuant to section 1907 of this 19
subchapter. 20
(7) “Improvements” means: 21

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VT LEG #381015 v.3
(A) the installation or construction of infrastructure, including 1
utilities, transportation, public facilities and amenities, land and property 2
acquisition and demolition, brownfield remediation, site preparation, and flood 3
remediation and mitigation; and 4
(B) the funding of debt service interest payments for a period of up to 5
three years, beginning on the date on which the first debt is incurred. 6
(8) “Legislative body” means the mayor and alderboard, the city 7
council, the selectboard, and the president and trustees of an incorporated 8
village, as appropriate. 9
(9) “Municipality” means a city, town, or incorporated village. 10
(10) “Original taxable value” means the total valuation as determined in 11
accordance with 32 V.S.A. chapter 129 of a housing development site as of its 12
creation date. 13
(11) “Public infrastructure agreement” means a legally binding 14
agreement to develop a housing infrastructure project between a municipality 15
and a sponsor or developer, or both. 16
(12) “Related costs” means expenses incurred and paid by a 17
municipality, exclusive of the actual cost of constructing and financing a 18
housing infrastructure project, that are directly related to the creation and 19
implementation of the municipality’s housing infrastructure project, including 20
reimbursement of sums previously advanced by the municipality for those 21

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VT LEG #381015 v.3
purposes. Related costs may not include direct municipal expenses such as 1
departmental or personnel costs. 2
(13) “Sponsor” means the person undertaking to finance a housing 3
infrastructure project. Any of a municipality, a developer, or an independent 4
agency that meets State lending standards may serve as a sponsor for a housing 5
infrastructure project. 6
§ 1907. CREATION OF HOUSING INFRASTRUCTURE PROJECT AND 7
HOUSING DEVELOPMENT SITE 8
(a) The legislative body of a municipality may create within its jurisdiction 9
a housing infrastructure project, which shall consist of improvements that 10
stimulate the development of housing, and a housing development site, which 11
shall consist of the parcel or parcels on which a housing infrastructure project 12
is installed or constructed. 13
(b) To create a housing infrastructure project and housing development 14
site, a municipality shall: 15
(1) develop a housing development plan, including: 16
(