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Gardiner councilors signal support for Core Cutter credit-enhancement request, ask for financial benchmarks
Summary
Business owners seeking a tax-increment credit enhancement for a new Libby Hill manufacturing site heard support from councilors but no final vote; council asked for equipment valuation details and proposed a 60% over-12-years scenario with a machine-addition benchmark for the formal public hearing in August.
Gardiner councilors gave conditional direction to staff on a proposed credit enhancement agreement (CEA) for Core Cutter — a carbide end-mill manufacturer relocating to the Libby Hill business park — but did not take a vote. The council asked the company and staff to return to the Aug. 6 meeting for a public hearing with clearer financial detail, including equipment valuation and a proposed performance benchmark tied to new machinery.
The company’s owner, James Graham, and co-owner Darren Mattson described building phase one: a 10,000-square-foot shop with engineered plans for a second 10,000-square-foot phase. Graham said the business already owns about $3…
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