The Board of Selectmen has approved a series of amendments to the credit enhancement agreement for the proposed All Sports Village complex. The proposed complex, at the northeast corner of Old County Road and Route 20, is in a Tax Increment Financing, or TIF, district. TIF districts allow municipalities to provide annual rebates of taxes to new developments that have increased the taxable value of properties within the districts. The final amendment makes it so investment earnings go to the bondholders. Because the tax increment revenues will be deposited with a bond trustee, the earnings from such monies will need to stay with the trustee. The bonds are to be issued by MuniCap, a public finance consulting firm based in Columbia, Maryland, that specializes in the public finance aspects of redevelopment, according to its website. Borgia has said he plans to close on the property by Oct. 31.
https://www.hartfordbusiness.com/article/windsor-locks-selectmen-amend-agreement-with-sports-complex-developer