March 11, 2015
Development in Rockland to receive 12-year tax break
A Rockland developer will receive a 12-year break on his property taxes from the city as a reward for improvements he’ll be making on a downtown commercial building.
The Bangor Daily News reported that Richard Rockwell plans to spend up to $3.35 million making improvements to the four-story Kimball Block building on Main Street he purchased in 2013. In return, the city is granting a 75% tax rebate for the first four years on any additional taxable value resulting from those improvements, which will drop to 50% for the next four years and then to 25% for the final years of the deal.
The newspaper reported that Rockwell plans to create an indoor market in the building.
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