MIDDLEBURY — The Middlebury Redevelopment Commission adopted a resolution Thursday, Feb. 27, to use tax incremental financing revenues from the Elroy Drive TIF district to pay back Jayco or the town for looping water lines on the Jayco complex.
Jones, Petrie and Rafinski did preliminary engineering on looping three water lines to improve water pressure and quality in the complex. Currently the water lines dead end. Growth in and around Jayco has outpaced the current system.
Two of the water lines are in the town’s Elroy Drive TIF district. The third water line is in the county’s Southeast TIF district.
The cost of looping the two lines in the town’s TIF district total $431,675. Currently the TIF fund has approximately $93,500 in it. The commission passed a resolution to reimburse the cost of looping those lines from the TIF fund, which earns about $35,000 a year. The redevelopment commission would use 75 percent to 100 percent of the TIF fund’s revenue each year for the reimbursement. Details have not been finalized, but Town Manager Mark Salee said Jayco is willing to pay for looping the water lines and being reimbursed with TIF revenues.
The town is also talking with the county redevelopment commission about using funds from the Southeast TIF district to loop the third water line. The cost for looping that line is $123,950, and the Southeast TIF fund has enough revenue to pay for it.