The Dennis Economic Development Committee will be reviewing an initial draft of a District Improvement Financing proposal for the Dennisport Village Center area at the April EDC Meeting.
District Improvement Financing (DIF) is a method of directing a portion of property tax revenue back into the area it has been collected from. DIF does not involve the creation of any new taxes, nor is it an increase in property taxes. DIF looks at the increment of growth in property value over a base time period, and seeks to place all, or a portion of, the taxes involved in property value growth back into the area it is collected. These tax revenues are dedicated to infrastructure and other projects that further enhance value, thereby generating even greater value for the town and the district.
In the targeted area in Dennisport, we have changed the zoning to improve conditions for reinvestment in the center of the village and in the hotels located adjacent to the village center. These zoning changes have started leading to new investments. We are also working with the Cape Cod Commission to reduce their regulatory control over this area, which will make it easier to redevelop than to build on empty parcels. Together, these regulatory steps should aid reinvestment.
Reinvestment also leads to the need for improved public facilities, in particular sidewalks, other pedestrian amenities and parks. These will be high on the list of improvements targeted for implementation with funding from the DIF.
The DIF proposal has been tossed around for years for this area, as far back as 2004 the EDC recognized the need for targeting municipal reinvestment in this area. The recent Design Charrette reinforced this issue. Over the coming months we will work to complete this proposal, and look forward to continued public support for Dennisport.