LIVERMORE FALLS — Selectmen will meet with John Cleveland of Community Dynamics Corp. in December for a workshop on tax-increment financing options for the town related to economic development.
The town has a contract with the Auburn firm to develop a TIF application to benefit the town.
Cleveland and an associate are gathering information on options and will present them to the board, Town Manager Kristal Flagg told selectmen Monday. They hope to have everything ready for the 6:30 p.m. Dec. 16 workshop at the Town Office, she said.
Selectmen are looking into capturing some of the new tax dollars from Central Maine Power’s $17 million upgrade to its substation on Moose Hill Road. CMP has not requested a TIF and will not benefit from it.
A town can take advantage of an already-planned and financed project and create a TIF district or more districts around it, capturing a portion of new property-tax revenue for specific uses based on economic development. The town’s option on a tax-increment financing program would be connected only to the new valuation and new taxes that valuation would bring in. Taxes would continue to be assessed on property that previously existed.
dperry@sunjournal.com
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