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January 30, 2009

Augusta officials review TIF

By Mainebiz News Staff

City councilors in Augusta are reviewing a tax break they awarded Niemann Capital to redevelop the Kennebec Arsenal complex.

Citing a need to be fair to other developers, councilors agreed to look closer at the agreement intended to spur redevelopment of the historic complex, reported the Kennebec Journal. Initial plans for the complex called for a mix of retail and commercial office space. Now the project will likely be redeveloped as 70% residential and 30% commercial, prompting objections from other residential developers over the 25-year tax increment financing deal the city granted Niemann in 2006. Niemann representative Scott Hayes said he could provide the city with new data within 10 days to show how the TIF proceeds would be used.

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