MONMOUTH — The town’s Economic Development Committee is drafting plans for a business park that could be started with property tax money from a new $20 million Central Maine Power substation.
The ideas are a work in progress, Selectman and committee Chairman Tim McDonald said. The group is looking for feedback and plans public hearings this fall.
Town Manager Curtis Lunt said the proposal so far calls for the town’s first business park to be created on 10 or more acres and divided into six lots, with room to grow. The land hasn’t been identified yet. A rough estimate is $1.5 million to buy property, build a road and connect utilities.
One idea to pay for it: Creating a tax increment financing district around CMP’s new substation. Lunt said it’s expected to bring in about $300,000 annually in property taxes. A TIF could capture half of that money and divert it to the business park and other improvements.
Voters would have to weigh in on any decisions, Lunt said.
“There is some risk. It’s like a landlord building an apartment building without tenants,” he said. “We think the economy is going to improve in the next couple of years and we’d like to be ready for it.”
McDonald said a business park takes lots of details. He wants to make sure the workforce would be ready, too.
“Monmouth in the last Census grew around 9 to 10 percent,” he said. “Of course, all those folks do need jobs,” and most right now commute away for work.
The Economic Development Committee meets the last Monday of the month at 6 p.m. at the town office. Meetings are open to the public.
kskelton@sunjournal.com
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