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Gardiner council approves 10-year credit enhancement deal for P and M Realty after public comment; 5-1 vote
Summary
The Gardiner City Council voted 5-1 to approve a credit enhancement agreement (CEA) returning $30,000 a year for 10 years to P and M Realty LLC. Supporters said the CEA helps retain local investment and generate net new tax revenue; a councilor opposed, saying the agreement lacks measurable public-benefit requirements.
The Gardiner City Council on March 5 approved a credit enhancement agreement with P and M Realty LLC that will return $30,000 a year to the company for 10 years, a vote that passed 5-1.
Council supporters said the revised agreement—smaller and shorter than an earlier proposal—helps retain an existing business in the city and generates net new tax revenue that would not exist without the project. Opponents said the council did not secure measurable performance metrics showing a clear public benefit.
The Economic Development Committee, chaired by Debbie Willis, reviewed the application and recommended the CEA after examining the project’s claimed economic impact, tax revenues…
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