By Gail Geraghty,Staff Writer

OXFORD – Oxford’s Economic Development Committee is discussing how to use future tax revenue from the Oxford Business Park.

The discussion has arisen because the state has asked the town to resubmit its Tax Increment Financing plan to stipulate how the money will be used once the developer, Western Maine Development, has recouped its $147,000 investment.

The development agency has asked the town to create a Tax Increment Financing district on the 40-acre site next to the Oxford Public Safety Building on Route 26.

Norway Savings Bank is planning to build a training and operations center on two of the four 10-acre lots.

The TIF district proposal, to go before voters at the June town meeting, would shelter the tax revenue from new development at the park. Western Maine Development has asked that the revenue initially be turned over to it until it recovers its $147,000 investment on engineering fees and site development.

Economic Development Committee member Caldwell Jackson said it will likely take three or four years to pay off Western Maine Development’s investment. After that, the town needs to decide how to use the money.

State rules for TIF districts require that new tax revenue from such districts be used for economic development purposes. Revenue from the town’s TIF district at the Wal-Mart store, for example, is being used to pay for a water line extension on Route 26 in north Oxford.

Economic Development Committee Chairman Tom Kennison said the committee has asked Town Manager Michael Chammings to research appropriate uses for the tax revenue.

“Nothing has been decided. We’re still in the discussion stage,” Kennison said.

Jackson said the town needs to know the impact on the tax structure of any new TIF district in town. He said there has also been some early discussion of the creation of a TIF district on the site of a proposed Home Depot store just north of the Wal-Mart.

The committee will meet again at 4 p.m. Feb. 7 in town hall to continue the discussion.