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Penobscot County Commission authorizes application to form Hammond Ridge TIF district
Summary
The Penobscot County Commission voted to authorize filing a Tax Increment Financing (TIF) development program and application for the Hammond Ridge/Twin Pines project, allowing staff to move forward with an application that could capture about $2.5 million of new assessed value and permit a future credit enhancement agreement.
The Penobscot County Commission on March 4 authorized staff to file an application to create a Tax Increment Financing district for the Hammond Ridge/Twin Pines development in the county—s unorganized territory.
Developer Matt Polstein told the commission the proposal envisions residential neighborhoods, hotels and mixed-use amenities and that "we've already invested" roughly $2.5 million in taxable value at the site, which the development program would use as the original assessed value to capture new growth. Stephen Wagner, attorney for the county matter, described how a TIF district freezes the original assessed value and directs taxes on increased value into a separate development…
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