November 20, 2007
Wind project TIF a first
Maine's first-ever tax increment financing deal in an unorganized territory was granted yesterday to the UPC Wind Power Project on Stetson Mountain.
Washington County officials awarded the TIF for the 38-turbine project, which will produce approximately 150 million kilowatt-hours of electricity a year without emitting any pollutants, according to a press release from the state Department of Economic and Community Development. Energy from Stetson Mountain and Massachusetts-based UPC Wind's Mars Hill turbines will power about 45,000 New England homes.
The TIF allows the county to use some or all of the property taxes from capital improvement in a designated district to help finance the Stetson Mountain project. TIFs in unorganized territories may only be approved by county governments.
Washington County officials awarded the TIF for the 38-turbine project, which will produce approximately 150 million kilowatt-hours of electricity a year without emitting any pollutants, according to a press release from the state Department of Economic and Community Development. Energy from Stetson Mountain and Massachusetts-based UPC Wind's Mars Hill turbines will power about 45,000 New England homes.
The TIF allows the county to use some or all of the property taxes from capital improvement in a designated district to help finance the Stetson Mountain project. TIFs in unorganized territories may only be approved by county governments.
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