Wellington adopts policy for evaluating economic development incentives
Wellington trustees approved a policy for evaluating requests for economic development incentives, including reduced fees, tax rebates and infrastructure assistance. Projects must align with town goals and show a measurable public benefit.
The Wellington Board of Trustees approved an Economic Development Incentive Policy during its most recent regular meeting, establishing a framework for considering public support for business and development projects, the town said in a Sept. 4 news release.
“Economic development opportunities can look very different from one project to the next,” Mayor Rebekka Dailey said. “This policy gives Wellington a framework to work with businesses to consider those opportunities and to ensure that any public investment is connected to a meaningful benefit for the community.”
The policy allows the town to evaluate requests for incentives such as reduced or waived development fees, tax rebates and public infrastructure assistance, along with other support authorized by the town. Projects may vary in type and size, with consideration based on their potential to advance the town’s economic development goals and produce a measurable public benefit.
The town said the policy is intended to support business attraction and continued investment by existing businesses. It will be used alongside other economic development tools as the town works with businesses, prospective employers, property owners, developers and regional partners.