RUMFORD — Selectmen will convene a public hearing at 6 p.m. Thursday to take comment on the proposed creation of three tax-increment financing districts.
A special town meeting will follow at 7 p.m. Feb. 23 to act on each district. Both meetings will be held in Rumford Falls Auditorium.
Selectmen would like approval to designate:
* 33 lots in 4.74 acres on or near Lincoln and Essex avenues and Hancock, Waldo and Cumberland streets as the Gateway Area Municipal Development and Tax Increment Financing Districts and to adopt a related First Omnibus Development Program.
* 84.65 acres in Lot 131, Tax Map 12, to be subdivided into smaller lots on Route 108 as the Puiia Business Park Municipal Development and Tax Increment Financing Districts and to adopt a related Second Omnibus Development Program.
* 30 lots in 131.88 acres on or near Prospect and Crescent avenues, Route 2 and Dragoon Road as the Rumford Falls Municipal Development and Tax Increment Financing Districts and to adopt a related Third Omnibus Development Program.
Tax increment financing lets a town shelter itself from paying more to state and county government on property that increases in value. Using the extra money it gets from property taxes, the town can finance improvements.
According to the warrant, creating the proposed districts is desired to encourage the expansion, improvement and continuation of manufacturing facilities by adding additional lots to these business districts.
Additionally, it fills the need for industrial and commercial development, to provide continuing job opportunities and improve the general economy in the River Valley area, and to improve and broaden Rumford’s tax base.
Both the warrant and public hearing notice are currently available for review off Rumford’s municipal website at www.rumfordmaine.net.