Title

"Focus: Banking & Finance" piece on tax increment financing (TIF), questioning w

Authors

Douglas Rooks

Source

Mainebiz

Date

12-11-2006

Pages

20-22

Abstract

"Focus: Banking & Finance" piece on tax increment financing (TIF), questioning whether the economic development the deals help attract is worth the strain on municipal budgets. Saco Island LLC is seeking a $100 million TIF package to overhaul mammoth mill buildings that have been idle for more than 20 years. In Augusta, the historic Kennebec Arsenal has been vacant for even longer, but will soon be revived with a $4.2 million TIF package that will forgive nearly 100 percent of future property taxes over 25 years. Bill Bridgeo, Augusta city manager, says the town would only approve large TIF deals like the one granted to the developers of the Kennebec Arsenal for similarly significant properties. Though popular in Maine, TIFs have attracted strong critiques across the country. With comments by Jim Nimon of the Department of Economic and Community Development. With a related article detailing the history of tax increment financing in Maine.

Subjects

Tax increment financing, Saco Island Development Project Saco, Kennebec Arsenal Augusta

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