WILTON – Selectmen voted unanimously Tuesday to hold a town meeting Aug. 28 to ask voters to approve a tax increment financing district and a credit enhancement agreement for the proposed Comfort Inn.

Following a lengthy discussion, a compromise was reached extending a proposed date of Aug. 14 to Aug. 28 to give voters time to learn about the proposal and the board time to negotiate the credit enhancement agreement with Great Maine Hospitality, LLC, a company created by Lafrance Hospitality Co. to build and operate an 84-unit Comfort Inn hotel on Routes 2 and 4.

The board agenda called for approval of a resolution regarding the proposed hotel and signing a warrant to hold a special town meeting to vote on the proposed district. The warrant article would give the board the authority to negotiate the credit enhancement agreement.

Citing a lack of evidence that the developer needs the agreement for financing the motel as they had stated, Selectman Irv Faunce, while endorsing the TIF district, questioned the estimated amount of $260,000 given back to the developer over eight years.

He also questioned the timing of having the vote Aug. 14 because it was too quick. He requested it be pushed to Sept. 19.

Selectmen Terry Brann, Russell Black and Norman Gould felt construction time is of the essence to get something done this fall and wanted the vote sooner.

Most voters have made up their minds and more information would not persuade them one way or the other, Brann said.

“We have to think about the big picture, the community as a whole,” Chairman Paul Gooch said in regard to the proposals. “We want to represent to other businesses that we’re a business-friendly community willing to assist new developers obtain loans and credit enhancement agreements to help them start their businesses.”

The proposed agreement would offer an 80 percent TIF to Comfort Inn over eight years with a diminishing percentage of 10 percent each year.

The board agreed to have the terms of the agreement in place by Aug. 28.