Public Hearing, Council discussion/review and an order for an amendment to the Tax Increment Financing District (TIF) Development Programs for the West Falmouth Crossing and Route One North and South TIFs.
ACTION: Council action anticipated.
Summary:
The Council last amended the TIF Development Programs in 2005. The proposed amendments to the Development Programs for the West Falmouth Crossing and Route One North and South Tax Increment Financing Districts cover the period from 2009 through 2018. The proposed amendments consist of updated project lists to be financed with TIF revenues and updated cost estimates. The amendments also extend the term of the Route One North and South Tax Increment Financing District. Council approval is required prior to Maine Department of Economic and Community Development approval. The Council received a TIF overview presentation on April 15, 2008. These amendments have been reviewed by the Finance
Committee and TIF Attorney James Saffian.
