AUBURN – Councilors said they’d be willing to approve a property tax incentive to help the Auburn Housing Authority’s redevelopment of the old Webster School – if the numbers are right.

Authority Director Richard Whiting said that support might be enough to put the plan over the edge as far as state funding is concerned.

“We’re going into a competitive process for state funding, and having this is one of the things we need to have to get a better score,” Whiting said. “The better our score, the better tax credits we can get from the state, and the lower rents we can offer.”

Whiting and Economic Development Director Roland Miller said it was too early to provide a full accounting of a proposed tax increment finance district for the project.

“Any proposal will have to be voted on by the City Council at a later date,” Miller said. “The only question tonight is, do you support the concept?”

Webster closed in June 2006. It and Lake Street Elementary were replaced that fall by the newly built Park Avenue Elementary.

Plans call for renovating the old school and making it a 24-unit residential complex with one- and two-bedroom units. It relies on tax credits from the Maine Housing Authority. The project would be owned by investors who purchase the tax credits, and would be required to pay property taxes to the city.

Councilors approved an option agreement in September with the Auburn Housing Authority for the old building, north of Union Street on Hampshire and Willow streets. The housing authority will have until February to work out designs for the project and acquire tax credits to make the project feasible.

In a memo to the councilors, Whiting said the TIF would rebate a portion of the property taxes paid by the project’s developers to help reduce rents.

Councilor Mike Farrell said it’s good thing councilors were not asked to give final support on a TIF for the project.

“It always seems that we’re under the gun to make a decision on these things,” Farrell said. “We need adequate time to discuss and review something like this before we move forward, and I’m not willing to approve this until I’ve had that time.”

City Manager Glenn Aho said councilors would have plenty of opportunity to review the TIF before voting on it.