WILTON — Selectmen will hold a public hearing followed by a special town meeting at 7 p.m. Tuesday, May 7, at the town office.

The purpose of the meeting is to pursue adoption of a downtown revitalization plan, designation of a proposed downtown tax increment financing (TIF) district and adoption of a development program for the district, and to amend the town and Comfort Inn municipal TIF district and development program.

The Downtown Revitalization Plan was created last year, a necessary component for developing the downtown TIF district. The plan includes recommendations and priorities for community development. It also addresses short- and long-term goals for downtown revitalization.

Voters will be asked to accept the plan, Town Manager Rhonda Irish said.

A proposed 37.81 acres is included in the proposed downtown municipal TIF district under the development program.

Financial support for a variety of municipal projects, including items such as public safety equipment, public works equipment, plans for economic development or environmental control measures, could be used from the TIF district funds, Irish said. The town may use these funds instead of raising funds through taxes.

Properties within the district were given a base value as of April 1 of this year. For any properties that make improvements and show a value increase, the difference between the April 1 base and the increased rate will go into a special fund that can be used for 13 different types of projects, she said. These include those mentioned above.

Voters will also be asked to amend the Comfort Inn Municipal TIF district. First, would be to extend it to the maximum 30 years allowed by the state and to add additional properties to the district, including the now town-owned Wilton Tannery property, Irish said.

A credit enhancement agreement between the town and Comfort Inn developers means a portion of the hotel taxes go back to the owners of the property, Irish said.

The first year, 80 percent of taxes on the property went to the owners and 20 percent to the town. Each year the percentage changes. This year 50 percent goes to the owners and 50 percent to the TIF fund, she said.

Currently that funding can only be used as a revolving loan fund.

A town vote would change that to allow the funds to be used for more items,  including capital costs of the Wilton Tannery project, public safety equipment, project development, including sidewalks, economic development or marketing of the downtown.

At its regular meeting, the board will choose a new downtown committee, Irish said. One had formed to develop the revitalization plan created in May 2012 but has disbanded.

The new committee will carry on some of the work of the plan in an advisory-only capacity, she said.