Freeport town councilors Tuesday approved a $200,000 tax increment financing deal to help bring a six-screen cinema to the downtown.
The town council voted 5-2 to raise the cap of an existing TIF district to allocate the additional money to Boston-based development firm Berenson Associates, which is hoping to add the movie theater to its Freeport Village Station, according to The Times Record. Berenson had previously requested $550,000 in additional TIF funds, but backed off that proposal following public feedback. The TIF district, originally approved in 1999, was previously capped at $11.4 million. The new agreement raises the cap to $20 million, and Berenson Associates will receive $20,000 in TIF revenues annually for 10 years, according to the paper.
The original TIF directed $17.5 million to Berenson Associates to build Freeport Village Station, which opened last year.
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