Incentives and Financing
Tax Increment Financing
To support economic development, the Town of Groton may consider the creation of and adoption of Tax Increment Financing (TIF) Districts. TIF is a financing tool that can be used by municipalities to invest in economic development. It allows some or all of public and/or private costs associated with development to be financed over time by increases in the property tax revenues that are generated by the new development or redevelopment. The Connecticut General Statutes (C.G.S.), as specified in Chapter 105b - Tax Increment Districts, authorizes municipalities in Connecticut to create TIF Districts for the purposes of economic development.
This grant program is intended to help Connecticut supply chain companies with the adoption and integration of IoT solutions. The program will provide matching grants up to $20,000 for hardware, sensors, platforms, and related third-party integration services.Learn More