Long a redevelopment priority for the Town of Canton, the historic Collins Company Factory Complex situated along the scenic Farmington River in downtown Collinsville has sat underutilized for decades because of the high site work costs required to redevelop the property. Recognizing the need for some level financial support from the public sector in order for the project economics to pencil out for a private developer, the Town of Canton decided to employ Connecticut’s newly revised Tax Increment Financing (TIF) legislation in order to incentivize redevelopment of the property. The Town engaged Camoin Associates to better understand TIF as a financing and economic development tool and determine how best to utilize TIF in order to catalyze redevelopment of the site and support economic development in Collinsville and Canton overall.
Through a project funded partially by CT Main Street Center, Camoin Associates developed a Preliminary TIF Master Plan for the site that laid the groundwork for a TIF district once an interested developer comes forward. The Plan included estimates of the potential TIF revenue from the redevelopment of the site under different market-feasible redevelopment scenarios that will be available to help induce redevelopment. In addition, Camoin conducted a limited fiscal impact analysis of the redevelopment scenarios on the Town’s finances, as well as identifying alternative funding sources for redevelopment. Ultimately, the Preliminary Master Plan was designed as a step-by-step TIF “roadmap” with guidelines and actions for implementing the TIF once one or more development proposals are put forward.
- TIF Scenario Analysis
- Revenue Projections
- Fiscal Impact Analysis