CT State Rep. Testifies To Support House Bill 5447

From State Rep. Scotty Storms: State Rep. Scott Storms (R-60) recently testified in support of House Bill 5447 – an act concerning tax increment districts to promote the proper, orderly and consistent development of tax increment districts.

“In 2015, the state revitalized the concept of tax increment financing (TIF) as a vehicle for economic and infrastructure development within designated areas of a municipality,” Storms continued. “H.B. 5447 proposes that the municipality establish a TIF District Oversight Board to provide recommendations for action by the legislative body and fiscal authority of the town or municipality.”

Rep. Storms’ bill proposes that each Oversight Board consist of at minimum a member of the Fiscal Authority or Board, a member of the Board of Selectmen or Town Council, a member of the Economic Development or Planning Commission, and two (2) members of the community at large.

“The purpose of the Board would be to insure a consistent management of the District and to insulate the municipality from possible long term consequences of the action of a few persons who may or may not have the expertise necessary to properly develop and or maintain the TIF District.,”Storms noted.

For more information on H.B. 5447, or any legislation that Rep. Storms has proposed, please visit www.RepStorms.com or call (860) 240-8700.

Image Courtesy Of The Office Of State Rep Storms