Waterville’s part in Trafton Road project moves forward
Waterville’s part of a business/government partnership to bring business development to the southern end of the city took a step forward Tuesday night when the city council gave initial approval to a tax increment financing district that will help it pay for its share of the project.
The city agreed to contribute $500,000 to road improvements for the new Trafton Road interchange at mile 124 of Interstate 95, and revenue from the TIF, which comprises three lots totaling 144 acres, will help pay for it.
City Council unanimously approved the TIF, but it must go to a final vote, possibly Oct. 17, and also be approved by the state Department of Economic Development before it is final, the Morning Sentinel reported.
The 30-year TIF would shelter 100% of new value for the first 20 years, 75% for the next five, and 50% in the final five.
The $4.8 million interchange and road improvement project, approved in 2014, was the first under the state’s Business Partnership Initiative, which encourages development by giving projects that have private sector financial input higher priority. Much of the financing for the project came from Trafton Road Properties, which owns 921 acres in the area near the Sidney border.
Aside from the city’s $500,000 for road improvements, the state is contributing $1.5 million. The improvements will include widening the road and increasing its shoulders.
Trafton Road Properties has already developed the 227,000-square-foot former Wyandotte Mill in that area, which houses five manufacturing and distribution companies, and in August got approval to build another 120,000 of space on adjacent property.
The interchange, which is three miles south of the city’s Kennedy Memorial Drive highway exit, opened in July, and the area is drawing interest from businesses and developers, city officials have said.
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