“Improving public infrastructure such as water systems and roadways opens new opportunities for a community to grow, and I’m pleased to see Killington accepted into the TIF program to begin this important work.”–Phil Scott, Governor of Vermont.
The Beast of the East is one step closer to having a base village. Forbes and the Rutland Herald report that the Vermont Economic Progress Council approved the town of Killington Tax Increment Finance (TIF) district. A TIF district allows “municipalities to pay off infrastructure bonds using tax revenue generated by having that infrastructure built.” The $62 million will be used towards installing a public water system and enhancing their road infrastructure, which will help build the proposed base village. Six Peaks Killington will have more than 1500 residences, a new hotel, 35,000 square feet of retail space, restaurants, bars, and a skier bridge between Ramshead and Snowshed mountains. While a rise in home and rental prices is a concern among locals, affordable employee housing will be another priority for the Killington Forward plan.
Mike Solimano, who is the President and General Manager of Killington Resort, said the following about the Six Peaks development.
“The idea of Six Peaks has been around since before I started at Killington Resort. The TIF approval is the first step in making the idea of a world-class village at Killington a reality. This new infrastructure will be a great step in supporting the year-round adventure POWDR and Killington Resort have been committed to while offering much-needed additional housing in the area and additional options for our guests.”
Next up will be a town vote in November, and if that gets approved without a hitch, construction could begin in the spring of 2023.Image Credits: Six Peaks Killington