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Cumberland council approves 20-year tax deal to bring Lucas Tree to Route 1
Summary
The Cumberland Town Council unanimously approved a 20-year credit enhancement agreement on Nov. 24 to incentivize Lucas Tree (operating under Addison Capital) to relocate operations to 275 US Route 1; the agreement ties reimbursements to excise-tax receipts and caps annual company payments at $50,000.
The Cumberland Town Council on Nov. 24 unanimously approved a 20-year credit enhancement agreement with Addison Capital (doing business as Lucas Tree) to support the company's planned move to 275 US Route 1.
Town staff said the agreement will take effect at the start of the town’s extended TIF District on July 1, 2027, and run through June 30, 2047. Under the proposed formula, the town would reimburse Lucas Tree for up to 100% of the property taxes paid on the increased assessed value captured by the TIF, with a maximum annual reimbursement to the company of $50,000. Staff described the payment as a formula tied to…
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