Pipeline project gets tentative TIF
A proposed 56-mile natural gas line has netted tentative tax-increment financing agreements from 12 central Maine communities.
A committee representing the 12 communities has drafted an agreement with Kennebec Valley Gas Co., which includes TIFs that would return 100% of the tax revenue of the $70 million-$80 million project for the first 10 years, but a lesser amount over the next five years, according to the Morning Sentinel. Each of the communities from Richmond to Madison must give final approval to their TIF. The project cannot go forward, however, until the Portland-based company finds large commercial customers for the project. Principal Richard Silkman said he expects to get formal commitments from commercial users by the end of the year. The project also needs approval from the Maine Public Utilities Commission, the Department of Environmental Protection and the Department of Transportation.
Kennebec Valley Gas Co. first pitched the pipeline in March. If the project is approved, it will connect to the Maritimes and Northeast pipeline that stretches from Baileyville to Kittery. Construction would happen in either 2012 or 2013, according to the paper.
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