2015.02.17 Council Agenda Item 01
Summary
Discussion of proposed designation of certain Municipal Development and Ocean View/ Natural Gas Tax Increment Financing District and a related Development Program.
A public comment period will not be included with this item.
ACTION: Council action is not anticipated.
Description
Town Staff prepared draft documents outlining a proposed Ocean View / Natural Gas Tax Increment Financing (TIF) District. This workshop is intended to answer questions from the Council regarding the proposed TIF District and Development Program. The TIF District consists of approximately 355 acres and proposes to capture 100% of increases in assessed real estate values associated with new Ocean View development and Natural Gas Line installation by Summit Natural Gas from 2015 to 2044 (30 year term). It is anticipated that this proposed TIF District and Development Program will be further discussed at the Council’s February 23 meeting and that a Public Hearing will be held on March 9, 2015. This schedule requires submission, and approval, of an extension request by the Commissioner of the Maine Department of Economic and Community Development (DECD).
Attached are the following documents:
- District Acreage and Valuation
- Captured Values
- Project Overview
- Public Street List
- Projects by Year
- Financial Worksheet
- Mill Rate Impact 2015
- DECD Extension Request Letter
