May 30, 2008
Residents protest possible TIF
A majority of residents at a recent public hearing objected to the county returning 40% of a proposed wind farm's property taxes, the Morning Sentinel reported.
TransCanada, a major Canadian power corporation, plans to build a $270 million wind farm with 44 turbines on top of Kibby Mountain and Kibby Range. It has asked for a tax-increment financing deal to allow it to reinvest $8.9 million of $22.2 million in property taxes over the next 20 years. In return, Franklin County and Maine's Unorganized Territory would receive more than $13 million over the next two decades.
The paper reported that about 50 people attended the meeting, with several speakers calling the TIF "corporate welfare." Franklin County commissioners will vote on the TIF application June 3.
TransCanada, a major Canadian power corporation, plans to build a $270 million wind farm with 44 turbines on top of Kibby Mountain and Kibby Range. It has asked for a tax-increment financing deal to allow it to reinvest $8.9 million of $22.2 million in property taxes over the next 20 years. In return, Franklin County and Maine's Unorganized Territory would receive more than $13 million over the next two decades.
The paper reported that about 50 people attended the meeting, with several speakers calling the TIF "corporate welfare." Franklin County commissioners will vote on the TIF application June 3.
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