2005 Vermont Code - § 1891. — Definitions

§ 1891. Definitions

When used in this subchapter:

(1) "Municipality" means a city, town, or incorporated village.

(2) "District" or "TIF" means a tax increment financing district.

(3) "Legislative body" means the mayor and alderboard, the city council, the selectboard, and the president and trustees of an incorporated village, as appropriate.

(4) "Improvements" means the installation, new construction, or reconstruction of streets, utilities, and other infrastructure needed for transportation, telecommunications, wastewater treatment, and water supply, parks, playgrounds, land acquisition, parking facilities, brownfield remediation, and other public improvements necessary for carrying out the objectives of this chapter.

(5) "Original taxable property" means all taxable real property located within the district on the day the district was created under this subchapter.

(6) "Related costs" means expenses, exclusive of the actual cost of constructing and financing improvements, as defined in subdivision 1751(3) of this title, that are directly related to creation of the tax increment financing district and reimbursement of sums previously advanced by the municipality for those purposes, and attaining the purposes and goals for which the tax increment financing district was created, as approved by the Vermont economic progress council. As used in this subdivision, related costs are "improvements" as defined in subdivision 1751(3) of this title. (Added 1985, No. 87; amended 2005, No. 184 (Adj. Sess.), § 2a.)