KINGFIELD – A special town meeting will be held at 7 p.m. Thursday in Webster Hall for the town to consider a tax increment financing district with Poland Spring Water Co.

Prior to the meeting, a public hearing will be held at 6 p.m. to explain and answer questions about the proposed TIF and credit-enhancement agreement.

The town’s TIF committee, comprising selectmen and three residents, have spent the past year learning about TIFs and creating the proposal.

The committee has held two informational sessions.

As a tool to promote economic development, the TIF district has defined boundaries and in this case, approximately 250 acres, said Greg Davis, administrative assistant.

The TIF is proposed for a 30-year term that includes 100 percent of real estate property tax revenue retained for the first 26 years, then would decrease by 20 percent each year over the last four years.

The credit-enhancement agreement requires Nestle Waters of North America Inc. to pay 40 percent of taxes per year for the 30 years with the amount then rebated, he said. For the first 10 years, the percentage will increase to 53 percent, Davis added, for the purchasing of the Gilmore property by the town.

As part of the TIF conditions, Poland Spring proposes to create 60 new jobs and make an effort to hire from the Kingfield, Eustis, Phillips and Strong areas. Poland Spring is investing approximately $51 million in its new Kingfield bottling facility, Davis stated on the town’s Web site.

Other articles on the warrant will ask citizens to approve construction of the Poland Spring Waste Water Project for treatment of gray water from the bottling plant.