BARRE, Vt. (ABC22/FOX44) - A just-approved change to Barre City's TIF district will help a 31-unit apartment project move forward on Seminary Street.

At a meeting on Thursday, the Vermont Economic Progress Council (VEPC) allowed Barre to put on the November 4 ballot a vote to fund infrastructure improvements. That project would be necessary for the Stevens Branch Apartments project, which would replace part of a little-used parking lot.

The planned improvements include upgrades to water and sewer lines, streetscape enhancements, changes to the parking lot, and other utility work.

TIF stands for tax increment financing: through a TIF district, municipalities can finance building projects using bonds, which are then repaid using tax revenue generated later by the new development.

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