Farmington approves incentives for assisted-living facility
The Waterville-based Woodlands Senior Living is getting a tax break that allows the company to move ahead with plans to build a 32-bed assisted-living facility on Knowlton Corner Road in Farmington.
The Kennebec Journal reports that the tax break comes following a special town meeting vote on Tuesday that was attended by 10 Farmington residents that voted in favor of the tax increment financing agreement.
Under the terms of the agreement, 100% of the property taxes paid on the center will be reimbursed to Woodlands Senior Living over the next decade, according to the KJ. The $75,200 in taxes paid each year by Woodlands will go into the “Woodlands Senior Living of Farmington Municipal Development Tax Increment Financing District Development Program” account that will then be given back to the company by the town.
The project, which is expected to be finished by the end of summer 2017, will create 30 full-time jobs in the community in addition to several part-time positions.
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