Warren proceeds with first-ever tax increment financing district
WARREN — At a vote of 33 to 0, citizens in Warren approved the creation of the Warren First Tax Increment Financing District, and a development program, which was described in a special town meeting warrant as an impetus to provide economic development opportunities in town, and broaden Warren's tax base.
Citizens had gathered for the special town meeting and public hearing held specifically for this warrant on Feb. 12 at the Masonic Hall.
A TIF is used by municipalities to direct new property taxes generated by the increased assessed value of a new development into specific predetermined accounts to fund public projects or credit enhancement agreements with a developer.
Currently, Warren has a large scale solar station proposed by a private company to be sited on 660 acres of leased land off of Wottons Mill Road. A portion of that parcel has been used as a quarry and for timber harvesting. The project received Maine Dept. of Environmental Protection approval last summer.
Warren now submits its TIF application to the Maine State Department of Economic and Community Development Commissioner for statutory compliance review and final approval.