- Project
- Northeast
- Economic and Fiscal Impact Analysis
The Challenge
The City of New Britain is working to revitalize its downtown into a place for people to live and work. The City has been working to implement its downtown redevelopment plan and continues to implement projects from its streetscape plan. To help finance these efforts, the City decided to establish a tax increment financing (TIF) district and turned to Camoin Associates and Pullman & Comley to prepare the master plan.
The Solution
The Camoin Associates team guided the establishment of the TIF district boundary, prepared financing projections for various district boundaries and TIF scenarios, identified City projects to fund with TIF revenues, and set guidelines for when and how the City will enter into Credit Enhancement Agreements (CEAs) with private property owners and developers to incentivize private investment.
The Impact
In May 2017, the Common Council of New Britain approved the creation of the New Britain Downtown Tax Increment Financing District based on the TIF policy developed by Camoin Associates. The TIF District encompasses about 278 acres in downtown New Britain.
Photo Credit: Kenneth C. Zirkel, Wickimedia Commons, https://commons.wikimedia.org/wiki/File:West_Main_Street,_Downtown_New_Britain,_Connecticut.jpg
