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Penobscot County sets March 4 hearing, authorizes staff to draft Hammond Ridge TIF and credit agreement
Summary
The Penobscot County Commission authorized staff to prepare a tax-increment financing (TIF) development program and credit enhancement agreement for the proposed Hammond Ridge Development, approved a professional-fees arrangement (developer to cover up to $25,000 of county review costs), set a public hearing for March 4, and authorized a letter to DECD seeking a March 31 filing extension.
The Penobscot County Commission on an unspecified date authorized staff to draft a tax-increment financing development program and a credit enhancement agreement for the proposed Hammond Ridge Development in the county’s unorganized territory, and set a public hearing for March 4.
County legal counsel Steven Wagner summarized the tool and next steps, telling commissioners that the proposal would ask the county to enact a TIF in part of the unorganized territory and that a public hearing would present the development program and projects tied to the district. Wagner said the…
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