At the Jan. 18 Town Council meeting, members discussed the possibility of creating a tax increment reinvestment zone, or TIRZ, to fund the infrastructure for Lakeside Business District, in particular the Lakeside Village development.
“In working with the developer [of Lakeside Village]there is a gap within the funding of the infrastructure part of the project,” Economic Development Director Andrea Roy said.
A TIRZ is a special taxing district used by many local governments to help spur economic development within the community. A TIRZ captures any growth in property tax value and puts the revenue generated from that value into a separate fund.
Taxes generated from the capture value are restricted to funding improvements within the TIRZ area.
Potential improvements include a town fine arts facility in Lakeside Village, trails, and the possible relocation of the Stewart home.