A series of agreements secured in the past two years allow the town to reimburse developers for the infrastructure investment from new taxes generated by the project. It’s what’s known as a tax increment financing (TIF) deal. That money comes with strings. The development needs to add at least $50 million in value to the property before reimbursement can begin, and at least $15 million of that needs to come from commercial construction. New businesses on-site would create 468 jobs, according to the consultant. Cheshire Town Council member Tim Slocum said the town needs new housing stock and development to remain vibrant.
https://www.hartfordbusiness.com/article/special-tax-district-unlocks-large-mixed-use-development-in-cheshire