'But for' test (in this context): This only applies to the Downtown TIF district. The Waterfront TIF district is not subject to the "But for" test. VEPC must determine that the new real property development would not have occurred or would have occurred in a significantly different and less desirable manner but for the proposed utilization of the incremental property tax revenues.
CEDO: Community and Economic Development Office
Nexus and Proportionality: This only applies to the Downtown TIF district. The Waterfront TIF district is not subject to nexus and proportionality. VEPC must determine that the proposed infrastructure and related costs serve the District and that the portion of the infrastructure and related costs that will be paid for with the incremental state and municipal property taxes generated from within the District are proportionate to the degree by which the infrastructure and related costs serve the District.
NPA: Neighborhood Planning Assemblies
OTV (Original Taxable Value): The existing property values for properties within the district.
Tax Increment: The tax increment is the share of new property taxes generated within the TIF district, based on assessments of TIF-related private development.
VEPC: Vermont Economic Progress Council
