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Developer pitches Hillcrest Estates plan, consultants outline TIF options to access affordable-housing funds
Summary
A developer and Monmouth economic-development consultant presented a phased Hillcrest Estates plan that would use a tax increment financing (TIF) district and a state rural development housing program targeting 80% area median income renters; town staff said options include amending an old TIF or creating a new district and that a November town vote may be required.
Reagan Lourishal, an economic development consultant, told the Monmouth Select Board the town currently has three active tax increment financing districts and described how TIF revenues can be used for targeted infrastructure and credit-enhancement agreements to support development. “The town currently has 3 active TIF districts,” Lourishal said, explaining that TIFs freeze base property value and route taxes on new value to special uses.
Developer Joe Kroll presented plans for the Hillcrest Estates subdivision and a possible apartment phase under a state rural development program he described as administered through “Main State Housing.” Kroll said Phase 1 contains 16 house lots, nine of which are paired with the affordable-housing program, and outlined an apartment building option limited by program rules (maximum 18 units) and local zoning (35-foot height cap). “The Hillcrest development for the subdivision… is a 16 house residential subdivision,” Kroll said, adding that nine of those houses are part of the affordable housing project.
Board members sought specifics about the affordability target and controls. Kroll said the program targets households at about 80% of area median income (AMI) and that the agency would set rents and monitor eligibility for 30 years, while accessible units and elevator service would be required in multiunit buildings. Lourishal noted constraints in using the existing Main Street omnibus TIF — it captures only 50% of new value and has about 17 years remaining, which may fall short of the 20-year period Maine housing typically prefers for credit-enhancement agreements. She described two paths: amend the existing district or remove the parcel and create a new TIF where the “clock is reset.”
Lourishal said the economic development committee will examine options and that some requests will require voter approval on the November ballot. The consultant also provided a working estimate of town-level TIF value sheltered from state funding formulas, saying Monmouth is currently sheltering approximately $13,000,000 of increased value across its districts. The board did not take a final vote on the project and indicated further review, including consultations with Maine housing program staff and the economic development committee, would follow.
