July 21--LIVERMORE FALLS -- Nate Libby of Community Dynamics Corp. will meet with Town Manager Kristal Flagg and possibly selectmen Tuesday, July 22, to discuss a budget for the tax-increment financing district.
The meeting will be held at 2 p.m. at the Town Office. It is open to the public.
Voters approved submitting a TIF district application to the state in February. The commissioner of the Maine Department of Economic and Community Development approved the town's application to create the TIF district this past spring.
The district includes the downtown area, the Otis Falls Mill property in Livermore Falls, and property along Park Street and property on Diamond Road near the biomass plant.
The TIF allows the town to capture 90 percent of the new value of Central Maine Power Co.'s$14 million upgrade and capture an estimated $8.59 million in new taxes over 30 years. The money would be used for economic development.
The remaining 10 percent is estimated to generate $954,720 in new revenue, with a net amount of $374,558 going into the general fund. The figures are based on what is known now and the current tax rate of $20.80 per $1,000 of property value. If the formulas change, the projection would change, according to the town's consultant, John Cleveland, president of Community Dynamics Corp. of Auburn.
(c)2014 the Sun Journal (Lewiston, Maine)
Visit the Sun Journal (Lewiston, Maine) at www.sunjournal.com
Distributed by MCT Information Services