EXISTING LEGISLATION. The Property is situated within the City of Burlington’s Waterfront Tax Increment Financing District (the “Waterfront TIF District”), within which the City is authorized to invest public funds to construct or acquire infrastructure improvements that facilitate private investment, all in accordance with applicable laws and regulations and following approval by the Vermont Economic Progress Council, by the Burlington City Council and with the support of the voters via a public referendum. If approved, municipal debt incurred within the Waterfront TIF District is repaid using the incremental increase in property taxes generated by the real property located within the District over the property taxes that were generated by the District at the time that the District was first established, all as more particularly set forth and described in the laws and regulations by which the District was established and is now governed.
Appears in 4 contracts
Samples: Predevelopment Agreement, Predevelopment Agreement, Predevelopment Agreement
