We are responding to misperceptions about the proposed tax increment financing district, coming to vote on Nov. 8 at Webster Hall in Kingfield.

The TIF will provide financial benefits or education tax relief to other SAD 58 communities.

Only $21 million in real estate value of Poland Spring’s facility is in the TIF. The TIF is 100 percent for 26 years. This means property tax revenue in the last four years will enter the general fund and support SAD 58.

Thirty million dollars in Poland Spring’s personal property value is excluded from the TIF. This property will be considered tax exempt, from a business perspective. However, the state will provide payments to Kingfield, based on Poland Spring’s personal property value.

The state payments will count toward Kingfield’s municipal value. This will increase Kingfield’s share of the SAD 58 budget (with a two-year lag, per the state education formula) and provide significant “education tax relief” to other SAD 58 communities.

This is a fair way for Kingfield to provide additional education investment for SAD 58 and its students.

The personal property state tax reimbursements generated by Poland Spring is estimated to be $3 million over the next 30 years, resulting in average new annual revenue of $100,000. This is unsheltered by the TIF and will largely support education. State payments on the value of Poland Spring’s personal property will continue beyond 30 years.

This partnership was designed to be fair to Kingfield, SAD 58, and Poland Spring.

John Dill, selectman

Neal McCurdy, selectman

Heather Moody, selectman and assessor

Town of Kingfield

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.