Augusta approves pipeline TIF
The city of Augusta has approved a tax break for Kennebec Valley Gas Co.'s proposed natural gas pipeline through central Maine, making it the first of 12 communities along the line's route to agree to a tax deal.
The Augusta City Council last week unanimously voted to support a tax agreement with the Portland-based company should the project be built, according to the Kennebec Journal. The tax increment financing district would return 80% of the pipeline's property taxes to Kennebec Valley Gas for the first 10 years, then 60% for another five years. Kennebec Valley Gas won initial Public Utilities Commission approval in August.
Augusta's agreement doesn't impact a competing proposal by the town of Madison, which is also seeking to build a pipeline from Richmond to Madison. Should the Madison project be built instead of Kennebec Valley Gas' project, the TIF would be moot, City Manager Bill Bridgeo told the paper.
Most Recent
Most Recent
Comments