- Associated Press - Friday, October 28, 2016

SOUTH BURLINGTON, Vt. (AP) - Officials in South Burlington are urging residents voting next month to approve a plan that would establish a Tax Increment Financing district in the city.

Vermont Public Radio reports that the TIF district would allow the city to keep 75 percent of new property taxes generated by new development in South Burlington’s Market Street.

City Council chair Helen Riehle says the plan would give South Burlington its own downtown.

The money would be used to redevelop Market Street, which is expected to cost an estimated $10.5 million.

WCAX-TV reports that the city already has about $5.5 million in federal funds, but will need to take out a loan to make up the rest.

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