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Select Board hears plan to amend 2008 TIF to tap roughly $2M and relieve $580K in annual debt costs
Summary
Consultant Ron Smith told the Bridgton Select Board that amending the town's 2008 tax-increment financing (TIF) agreement would allow the town to capture incremental tax revenue, access about $2,000,000 in the TIF fund and redirect roughly $580,000 a year of debt service into the TIF; the board signaled support to pursue state review and a November referendum.
The Bridgton Select Board on Aug. 5 heard a detailed presentation from consultant Ron Smith on a proposed amendment to the town's 2008 tax-increment financing (TIF) agreement designed to redirect captured incremental property-tax growth into eligible TIF uses. Smith said the town currently has about $2,000,000 in its TIF fund and is paying roughly $580,000 a year in debt service that the general fund subsidizes.
"We'd like to redirect $580,000 of that TIF fund to subsidize that debt service that we have that our general fund [is] subsidizing," Smith said, urging the board to authorize a submission to the state Department of Economic and Community Development so the state can review an amendment draft.
Why it matters: Smith told the board the 2008 TIF filing listed roughly $1.9 million of eligible project cost, but later infrastructure and development expanded actual project scope and debt to the tens of millions. Because the original eligible-cost list was not amended, Smith said the town cannot currently apply incremental TIF receipts to some of that debt service without a formal amendment.
Board response and next steps: Several select board members responded that they supported moving forward. Smith described the pathway: submit draft language to the state this month, obtain a '25 audit' (an audit for tax year 2025) by late September or early October, hold a public hearing in October and place a referendum warrant for voters in November. Board members emphasized the need for public education ahead of any vote.
No final vote was recorded on the amendment at the meeting; the board did, however, approve a motion to enter executive session for personnel matters before adjourning.
