2014.12.08 Council Agenda Item 05
Summary
Discussion about the benefits of Tax Increment Financing (TIF) and options for the creation of new TIFs in Falmouth.
A public comment period will not be included with this item.
ACTION: No Council action is anticipated.
Description
The Town of Falmouth has used Tax Increment Financing (TIF) since 1999. The Town currently has three TIF districts in place:
- Route 1 South was established in 2000 and the current tax increment income is $ 919,673/yr. This TIF covers approximately 142 acres and will expire in 2030.
- Route 1 North was established in 2000 and the current tax increment income is $363,543. This TIF covers approximately 252 acres and will expire in 2023.
- West Falmouth Crossing TIF was established in 1998 and the current tax increment income is $744,646 (a substantial amount of the income is returned to the original developer). This TIF covers approximately 59 acres and will expire in 2024.
- There is a fourth TIF, known as the Addison Capital/Lucas Tree TIF. This TIF is a sub-district to the Route 1 North TIF.
The most recently amended Route One South TIF development plan, approved by the Maine Department of Community and Economic Development, is attached.
In April 2009, the Town Council hired a consultant, Jim Damicis of Camoin Associates (formerly Policy One). Mr. Damicis offered a presentation in 2009 to the Town Council which describes the overall impact of a TIF. The attached Power Point presentation is an extract of that presentation, so the data offered is based on information and policies in effect at the time of the original presentation. If the Town Council decides to consider a new or expanded TIF, an updated analysis will be necessary. It is likely that the Town would hire Mr. Damicis to perform that analysis as well.
