Saco plans TIF application development to boost economic funding and art projects

The Saco City Council meeting on April 7, 2025, spotlighted the critical need for updated Tax Increment Financing (TIF) guidelines and applications, as city officials emphasized the importance of maximizing available funding for economic development. The discussion revealed that while Saco has established TIF guidelines, a formal application process is lacking, prompting plans for collaboration with the Economic Development Committee (EDC) to address this gap.

City officials highlighted the urgency of utilizing TIF funds, which must be spent by 2027, to enhance local infrastructure and support businesses. "Our goal now is to really educate, get the word out, to say we have this funding and we want to spend it," stated a council member, underscoring the city’s commitment to economic growth.

The meeting also showcased successful local businesses that have benefited from various city grant programs, including facade and small business grants. Notably, the Arts Commission is setting ambitious goals for public art installations, including murals and 3D art pieces, while working on a policy for art in the historic district.

TIF funds, which are crucial for Saco's economic development, allow the city to invest in projects without burdening taxpayers. Currently, Saco operates ten TIF districts, which have funded nearly $2 million in capital improvement projects. The council reiterated that these funds are essential for fostering a vibrant economic climate and meeting statutory requirements for development.

As the city prepares for the upcoming fiscal year, officials are optimistic about the potential for further funding and continued support for local initiatives, ensuring that Saco remains a thriving community for businesses and residents alike.