Vote on TIF application postponed in Livermore Falls

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LIVERMORE FALLS — A vote on a tax-increment financing application involving Central Maine Power’s 14 million substation upgrade has been rescheduled to 6:30 p.m. Feb. 20 at the Town Office.

It had been set for Feb. 10.

Consultants from Community Dynamics Corp. in Auburn wanted to send the application to the Maine Department of Community and Economic Development for a preliminary review before the application goes to voters, Town Manager Kristal Flagg said. They are making sure it’s a solid application and nothing needs to be changed, she said.

Under the proposed TIF, the town would shelter 90 percent of the new value of the substation on Moose Hill Road and capture an estimated $8.59 million in new taxes over 30 years, consultant John Cleveland said in January.

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The remaining 10 percent of value will generate an estimated $954,720 in new revenue with a net amount of $374,558 going into the general fund. The figures are based on what is known now and the current tax rate of $20.80 per $1,000 of real property value.

dperry@sunjournal.com

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