January 29, 2008
Bath set to adopt economic stimulus plan
Acting now to protect the local economy from the aftermath of the Brunswick Naval Air Base's closing in 2011, Bath city councilors are poised to vote on a new economic stimulus plan designed to create jobs and stimulate downtown development.
The plan, which the city says could create up to 150 jobs, would set up new tax increment finance districts encompassing the downtown, Wing Farm business park and part of a $40 million expansion project at Bath Iron Works, according to the Portland Press Herald. The city will also consider issuing a $2 million bond to buy 38 acres to expand the business park, the paper said.
City Manager William D. Giroux told the paper that the shipyard's TIF would not return money to the business, as TIF's normally do, but would instead be used by the city for downtown improvements, such as building a walking trail along the Kennebec River. City councilors are expected on Feb. 6 to vote on the plan.
The plan, which the city says could create up to 150 jobs, would set up new tax increment finance districts encompassing the downtown, Wing Farm business park and part of a $40 million expansion project at Bath Iron Works, according to the Portland Press Herald. The city will also consider issuing a $2 million bond to buy 38 acres to expand the business park, the paper said.
City Manager William D. Giroux told the paper that the shipyard's TIF would not return money to the business, as TIF's normally do, but would instead be used by the city for downtown improvements, such as building a walking trail along the Kennebec River. City councilors are expected on Feb. 6 to vote on the plan.
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