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Lewiston council adopts amendment to NECEC TIF district to meet state cap
Summary
The Lewiston City Council approved a technical amendment to the New England Clean Energy Connect (NECEC) tax increment financing district, shrinking the district footprint while preserving approximately $1.4 million in annual TIF revenue and the project’s assessed valuation, city staff said.
The Lewiston City Council on Thursday night adopted an amended order revising the New England Clean Energy Connect (NECEC) tax increment financing district to ensure the city stays below a state valuation cap while keeping roughly $1.4 million in annual TIF revenue, councilors and staff said.
Nate Libby, director of Economic and Community Development, said the amendment reduces the TIF district from about 40 acres to 11 acres while producing substantially the same financial outcome for the city. "This stuff is really being used to fund economic development staff salaries and related projects and office expenses," Libby said, explaining the city plans to use TIF revenue to relieve pressure on the general fund by moving portions of staff salaries and related costs into the TIF program.
The amendment was prompted after staff learned the original configuration would exceed a state cap on cumulative TIF valuation. Libby said the city’s original TIF configuration used a "single taxpayer high valuation exemption" but that the Department of Economic and Community Development in Augusta advised the city it did not meet…
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