Tax breaks planned for Cumberland care facility
The Cumberland Town Council is set to mull over an amendment to a U.S. Route 1 tax increment financing district that will provide a tax break for South Portland-based FMC Development’s in-the-works, 12-unit assisted-living facility in the town.
The Forecaster reports that the project site plan for the assisted-living facility for individuals with memory impairment was approved in March.
In April, town officials gave the green light to a credit enhancement agreement that will reimburse half of the 8,600-square-foot facility’s taxes for the first two decades, or up to $500,000, depending on which comes first.
But The Forecaster reports that Cumberland’s TIF District No. 1, where the facility will be located, was originally worded to only include two other projects that never came to fruition.
At a July 11 Town Council meeting, an amendment must be made to Cumberland’s TIF District No. 1 that would allow the facility to be eligible for the credit. The Forecaster reports that a public hearing and input from Department of Economic and Community Development is required for the amendment.
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