Tax Incremental Financing District

The Town of Colchester’s long planned Growth Center at Severance Corners continues to move forward. With several buildings constructed over the past few years, it is now time to begin constructing the public infrastructure improvements that will be needed to support the planned growth. The improvements consist of an expansion to the Severance Road and US Rt. 7 intersection, pedestrian improvements along Severance Road, Blakely Road, and US Route 7, and additional water storage for fire protection. With the improvements expected to cost approximately $6.5 million, the Town is considering the use of the State’s Tax Incremental Financing District program (TIF) to pay for the improvements. Voters would need to approve bonds for the improvements, which would then be paid off with future tax revenues generated from development within the Growth Center.

The Town is launching an educational campaign to allow residents to learn more about the funding plans for the Growth Center. If you would like to discuss them, please contact Al Voegele, Town Manager, at 264-5501 or e-mail him.