Biddeford has approved a tax-increment financing district for the owner of North Dam Mill to help him develop the downtown property.
The city will give developer Doug Sanford a rebate on his property taxes for about $2.1 million over the next 10 years, KeepMeCurrent.com reported. In return, Sanford has promised to invest about $9 million of his own money to convert the mill into residential and commercial units, and improve the parking lot, pedestrian access and landscaping.
Sanford’s renovations will increase the mill’s value from $2 million to $9 million, and bring in about $600,000 a year in taxes.
