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Tax Increment Financing 101 for Aroostook County- A Regional Workshop

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Northern Maine Development Commission

11 West Presque Isle Road

Caribou, Maine 04736

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Tax Increment Financing is a flexible local economic development tool used by municipalities, towns, plantations, and the Unorganized Territory to leverage new property taxes generated by a specific project or projects within a defined geographic district. Any portion of the new taxes may be used to finance public or private projects for a defined period of time up to 30 years.

Currently, hundreds of Maine communities have TIF districts, from Fort Kent to Biddeford, Rumford to Machias.

The Program is locally-driven: The municipality, town, or city defines the district and chooses how much of the new taxes will go to what public and private projects over what period of time, with the whole package requiring local approval by its legislative body.

Working in partnership with Maine Municipal Association and Maine Revenue Sevices, Northern Maine Development Commission is pleased to host a presentation about Municipal Tax Increment Financing. Our session is primarily geared for municipal officials and business owners interested in its structure, purpose and benefits for local economic development to take place. The session will be organized in a panel format with three individuals who have experience with the TIF Program. Come join us for what is sure to be a valuable learning opportunity.

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Northern Maine Development Commission

11 West Presque Isle Road

Caribou, Maine 04736

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