Chamber & Economic Development of the Rutland Region has entered into an agreement with the Town of Killington to provide short-term financial management and consulting services related to the town’s Tax Increment Financing projects.
Under the agreement, CEDRR will assist the town with financial management, accounting and reporting requirements associated with existing TIF-funded water and transportation infrastructure projects. The organization emphasized that its work will be limited to the TIF projects and will not extend to Killington’s day-to-day municipal operations.
CEDRR will work with the town and other contracted individuals to assess current projects and funding sources and review financial practices already in place.
As a Regional Development Corporation serving Rutland County, CEDRR provides business, economic and community development assistance to businesses and municipalities. The organization said its familiarity with requirements governing TIF districts will allow it to provide immediate technical support to Killington.
“I am proud to see our organization supporting the Town of Killington and its efforts related to the Tax Increment Financing District,” CEDRR Executive Director Sarah Furman said. “Economic development is built on partnership, collaboration, and a shared commitment to helping communities navigate challenges and seize opportunities for growth.”
Killington’s TIF district is being used to finance infrastructure improvements associated with the broader Killington Forward initiative. Tax increment financing allows municipalities to finance public infrastructure projects using anticipated increases in property tax revenue within a designated district.
Mike Solimano, president and CEO of Killington Resort and Pico Mountain, said that completing the projects would have benefits that extend beyond Killington.
“On behalf of the entire Killington Resort community, we want to thank CEDRR for stepping in during this crucial time in our region’s history,” Solimano said. “Completion of these TIF projects will bring long-needed infrastructure improvements to Killington residents, and the economic impacts of the Killington Forward Initiative will benefit countless others in this area.”
Furman described Killington as an economic driver for the region because of the tourism, investment and business activity it generates.
“When one community succeeds, we all share in that success,” Furman said. “CEDRR is committed to providing technical assistance and support where it can make a positive difference.”
She added that the organization hopes its involvement can help streamline processes, strengthen local capacity and contribute to the region’s long-term economic vitality.
CEDRR is a nonprofit organization focused on economic and workforce development, business growth and community needs throughout Rutland County.
