University of Southern Maine School of Law professor Orlandu Delogu criticizes h
University of Southern Maine School of Law professor Orlandu Delogu criticizes how tax increment financing agreements (TIFs) are used by companies to play one municipality off against another. TIFs, authorized by the state in 1985, let municipalities shelter new commercial property from the state, preventing the loss of state education aid and revenue sharing that would otherwise result from increased property valuation. Generally with a TIF, some or all of the tax revenues resulting from development are rebated to the company, in so-called credit-enhancement agreements. Formerly towns created TIF districts, paid for redevelopment, and hoped businesses would come. Now companies have begun to expect the credit-enhancement agreements. This is probably true of Westbrook-based Idexx, which wants to build an international headquarters for its biotechnology company. Officials in several municipalities that Idexx claims as prospective sites say they have no ongoing negotiations with the company. Yet Portland is prepared to do "whatever it takes," including tax breaks, to ensure that the company chooses the city as its site.
Idexx Laboratories Inc Westbrook, Tax increment financing, Delogu, Orlando E
Wendell, Mary Lou, "University of Southern Maine School of Law professor Orlandu Delogu criticizes h" (2000). Maine News Index – Portland Phoenix. 125.