Motel tax deal keeps board talking

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WILTON – Following an executive session Tuesday, selectmen chose to continue talks about creating a tax increment financing district requested by a motel developer.

A nearly two-hour executive session was held to discuss the TIF proposal from LaFrance Hospitality Co. for the Comfort Inn proposed for Wilton Road.

The board asked attorney Lee Bragg, Town Manager Peter Nielsen and Chairman Paul Gooch or alternate Irv Faunce to initiate a meeting with LaFrance to further discuss the proposal, said Nielsen on Wednesday.

The board also agreed, he said, to hold a special meeting on July 31 if it’s deemed helpful to the project.

Last week, the board chose to ask Bragg, from the firm of Bernstein Shur of Augusta, to meet with it to discuss and help refine specifics of the package, Nielsen said.

LaFrance offered to pay 50 percent of the town’s legal fees to prepare documents and for procedures necessary to meet requirements to secure state approval of the TIF. They also have offered to pay the other 50 percent of an estimated $10,000 fee once the plan is approved at a special town meeting.

The company indicated a preference for an 80-percent credit enhancement agreement in the first year or two, gradually reducing the percentage over the life of a 6 or 7 year TIF.

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