Waldoboro to explain Tax Increment Financing (TIF) proposal
WALDOBORO — Waldoboro town planners will be presenting a comprehensive overview of a Tax Increment Financing (TIF) proposal that will appear on the Waldoboro June ballot.
This presentation will take place during the Waldoboro Business Association’s March meeting, Wednesday, March 27, at 6 p.m. at the Midcoast Conservancy office, in Waldoboro Village.
A TIF is a flexible tool used by municipalities to leverage new property taxes generated by a specific project or projects within a defined geographic district. Any portion of the new tax value, above the base value, may be used to finance public or private projects for a defined period up to 30 years.
A TIF captures any new value added to a property in a TIF District into a separate fund meant for economic development while the last assessed value of the property before the TIF is created, continues to contribute to the general fund. The money in the TIF fund is then used for public infrastructure projects with the goal of economic growth in Waldoboro, which must be first approved by the Select Board and residents/ town meeting.
The meeting opens with a chance for everyone to chat with each other and enjoy some light refreshments, according to the WBA, in a news release.
For more information contact the WBA at email@example.com.
The Waldoboro Business Association was created to develop a working network of local area businesses, to promote and encourage business growth, which results in strengthening and supporting the local community and its’ economy.