The city of South Burlington has won a designation that could help finance a downtown development.
The Vermont Downtown Board has approved the city’s application as a New Town Center. The designation is a step toward the establishment of a multi-story downtown area on undeveloped lands around Market Street, across from University Mall.
Board Chairman Kevin Dorn says the city can now apply to make the area a Tax Increment Financing District. That would allow the town to keep some education property tax dollars generated by the development and use them to build infrastructure.
So far, 23 Vermont towns and 94 village centers have been designated, as well as four growth centers, including Williston and Colchester.