Tax rebate for Brunswick inn approved
The Brunswick Town Council has approved a tax rebate program for a proposed downtown inn, despite opposition from other hoteliers in the town.
The council Monday voted 7-2 in favor of a tax increment financing district, which includes a credit enhancement agreement for a proposed 54-room inn at Maine Street Station that will return nearly $1 million in property taxes to Massachusetts developer J. Hilary Rockett Jr. and his company, JHR Development, according to The Times Record. The agreement rebates JHR 85% of property taxes collected on the $14 million project over 10 years, with a 100% rebate for the first five years, according to The Forecaster. The TIF would also funnel tax dollars from Maine Street Station to recover the town's $2.1 million investment in the development. Portions of the Maine Street Station development, including a train station, restaurant and retail space, have already been built.
At a public hearing preceding the vote, four other hotel owners opposed the deal, saying it would provide an unfair advantage to Rockett's hotel in a time when other hotels in the town are dealing with a 45% decrease in occupancy rates. Linwood Austin, owner of the Comfort Inn, suggested he and other hoteliers could take legal action against the deal.
The TIF application and the credit enhancement agreement must be approved by the Maine Department of Economic Development, according to the paper.
Go to the article from The Times Record >>
Go to the article from The Forecaster >>
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