TIFs found to be successful in financing development in Augusta
The city of Augusta has experienced success with its tax increment financing program, receiving approximately $873,000 in proceeds to date — an amount that is used to offset tax increases — the Kennebec Journal reported.
The city council is considering two additional TIF requests, one to assist with another expansion of the J.S. McCarthy printing plant, and one from developer Richard Parkhurst to rehabilitate the upper floors of 275-287 Water St., a long-neglected building at a prominent corner downtown.
Rick Tardiff, president of J.S. McCarthy, told the paper the company is adding 14,400 square feet to its existing building on Darin Drive and putting in equipment to convert paper from rolls to sheets. Three previous TIF agreements with the city brought in a Heidelberg press system, and accomplished two separate expansions, of 36,000 square feet and 21,960 square feet.
Parkhurst’s previous TIF agreement with the city created upscale apartments at 222-232 Water St.
The Maine Department of Economic and Community Development says TIF districts allow any portion of new property taxes generated by projects within a defined district to be used to finance public or private projects for a defined period of time up to 30 years. Currently, hundreds of Maine communities have TIF districts. A business may approach a municipality with a proposal for investment for which a TIF district would provide financing. Or, a town might take advantage of an already-planned and financed project and create a TIF district around it, capturing a portion of new property tax revenue for specific uses.
Most Recent
Most Recent
Comments