The Claremont City Council has said no to a proposed Tax Increment Finance District that would have been located along Charlestown Road and Grissom Lane. The Valley New says that the TIF was proposed by City Manager Guy Santagate and would have sponsored economic growth along the aforementioned areas. A TIF is an economic development strategy where a city or town designates an area that looks promising for private investment, then sets a minimum assessed value and improves the area’s infrastructure to promote private business.
The private development would then hopefully raise the assessed value above the initial minimum amount. The council agreed that the TIF already in place in the downtown has not yielded the expected results, which caused members to be wary of creating another one.
Santagate proposed the TIF because it was one of three options to address the drainage problems on Charlestown Road, the other two options being increased tax rates or borrowing the money. City officials hesitated at creating the TIF because of two existing TIF’s and needing to focus on them before moving to another.