Brunswick inn tax break approved
The state has approved a controversial credit enhancement agreement for a proposed inn in Brunswick.
Maine Economic and Community Development Commissioner Thaxter Trafton Tuesday confirmed the agreement, part of a tax increment financing district approved by the town of Brunswick in March for a proposed 54-room inn at Maine Street Station, according to The Times Record. The agreement will return nearly $1 million in property taxes to Massachusetts-based JHR Development, while the TIF will direct tax dollars to the town to recover part of its $2.1 million investment in the Maine Street Station development. Town officials said the approval allows the project to move forward, according to the paper.
But other local hotel owners have filed two lawsuits against the town in response to the credit enhancement agreement, saying the town failed to consider the negative effects it could have on other hotels in the area. Attorney Ken Cole, who represents the hotel owners and a former town councilor who brought the second suit, doubted the project would be able to secure bank financing with the lawsuit pending.
Go to the article from The Times Record >>
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