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Cumberland council sets June 2 public hearing to consider 20-year extension of TIF District 1
Summary
The council voted unanimously to set a June 2 public hearing and workshop on a proposed fourth amendment that would extend Municipal Development Tax Increment Financing (TIF) District No. 1 for 20 years and impose new capture and spending rules, including a 75% set-aside for affordable housing or transit-related projects.
Town Manager Matt Sturgis briefed the Town Council on Tuesday evening on a proposed fourth amendment to the Town of Cumberland Municipal Development Tax Increment Financing District No. 1 and asked the council to set a public hearing date of June 2.
The amendment would extend TIF District No. 1 for 20 years under the authorization in chapter 206 of Title 30‑A of the Maine Revised Statutes, and it would require that 75% of captured tax revenue be used for affordable housing or transit-related projects. "So we want to have that wording in there," Sturgis said, describing both the…
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