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Lewiston council directs staff to prepare TIF application, settles on 55% capture as best-final
Summary
Councilors gave staff direction to prepare a tax-increment financing (TIF) development program for the New England Clean Energy Connect (NECEC) inverter station, indicating a 55% capture rate as their best-final position and asking staff to return with paperwork for a Jan. 21 vote and a March 1 state filing.
The Lewiston City Council instructed staff to prepare a tax-increment financing (TIF) development program for the New England Clean Energy Connect (NECEC) converter station and indicated a working consensus around sheltering 55% of the project’s incremental property value.
Nate Libby, director of Economic and Community Development, told the council the inverter station’s assessed value stands at about $186.5 million today and is expected to grow by roughly $76.75 million on April 1, with another similar increase projected the following year.
"TIF is a powerful tool for economic development and for sheltering value and for maximizing revenues from the state," Libby said, framing the discussion. He described several allocation scenarios staff had modeled at councillors’ request, from 0% sheltering up to 70%, and explained what each would mean for state revenue sharing, municipal salary charges, and a suite of possible LCIP (five-year capital improvement plan)…
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