Summary: |
*UPDATE: Attachments updated with most recent TIF Amendment Application, dated 3/26/13*
The Route One South Infrastructure Plan is proposed to be paid with funds from the Route One South Tax Increment Financing (TIF) District. To assure that the improvements as proposed can be completely paid for with available TIF funds, and that sufficient funds will be available for a variety of other projects in the Route One area that may be needed in the future, a modification of the development program of this District as well as an extension of the term of the District by seven (7) years to 2030 is necessary.
These two TIF District modifications require amendment approval by the State of Maine and a Public Hearing by the local elected body. Amendment approval by the State of Maine is expected in May 2013.
Attached are:
- draft "Third Amendment" application to the State of Maine, dated March 26, 2013, which explains the proposed changes in detail, and
- draft Council Order approving the Third Amendment of the Route One South Tax Increment Financing (TIF) District.
Note: The draft application has been updated to reflect the recently updated cost estimate for the project of $11.7 MM, the corresponding required bonding amount, and the change to a 16-year bond.
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