Brunswick wins OK for TIF land purchase
In a reversal of an earlier decision, the state now says Brunswick town officials can use revenues from a downtown tax-increment financing district to recover the costs of purchasing the Maine Street Station property.
The Department of Economic and Community Development in May denied the use of TIF revenues for land acquisition costs, saying the town had already spent the $668,594 on the property before the TIF was approved. But in a July 12 letter, DECD Commissioner Thaxter Trafton said his department had reversed its decision "based on additional information submitted by the town and further investigation by the department," according to The Times Record. A town attorney said materials sent to the state showed the town's request was consistent with past practice and TIF statutes across other jurisdictions.
The TIF will direct tax dollars from the Maine Street Station development toward recouping the town's $2.1 million investment, made up of $1.5 million bonded and the $668,594 property costs, the paper reported.
Go to the article in The Times Record >>
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