Suffield Town Center Embraces Development Friendly TIF Policy
Suffield, Conn.: The Town of Suffield looks to stimulate economic development with the adoption of a Town Center Tax Increment Financing (TIF) District approved at Town Meeting. TIF captures anticipated future increases in property tax revenues for a specific area and then reinvests those dollars towards current costs associated with development. First Selectman Melissa Mack enumerated the benefits, “A beautiful and vibrant Town Center is essential for a strong community. TIF provides Suffield with an important financial tool to boost economic development in the Town Center and encourage private sector investment.”
Suffield is the third community in Connecticut to approve a TIF District. Windsor Locks and New Britain implemented the policy after Public Act No. 15-57 enacted the legislation in 2015. The Town Center TIF District Master Plan for Suffield can be found at www.suffield.ct.gov and provides further details.
For additional questions, contact Kim Worthington at (860) 668-3838.