FARMINGTON — An informational meeting on Tax Increment Financing and a presentation of the proposed Downtown TIF Plan and map will take place at 6 p.m. Monday, July 22, in the gym at the Community Center.
John Holden, formerly of Eaton Peabody Consulting Group, who authored the plan and Raegan LaRochelle of Eaton Peabody will describe what a TIF is, how it works and how it can benefit the town, Town Manager Richard Davis said.
This is an informational session before an eventual public hearing and town vote to adopt the plan and TIF district.
“(The TIF and plan) is still in draft form,” he said. “The next step is a public hearing and vote.”
A downtown plan and map was necessary to develop the TIF district. After several public meetings, selectmen accepted a final draft of the plan in April.
The plan and map defined a broader downtown Farmington that extended to West Farmington and around the core downtown area. The map has since been scaled back, Davis said.
“Tax Increment Financing is used to stimulate private sector investment and job creation,” according to an explanation previously given by Holden. “The TIF is used to ‘shelter’ against adverse adjustments to state subsidies and county taxes based on valuation. The sheltered value is ‘captured’ and used for economic development purposes.”
The assessed value of a district is determined. New taxes generated in the area, above the assessed value, can be “captured” and used according to a town’s development plan, Holden explained.
Some of these potential funds could be used for sidewalk and streetlight improvements or even a larger project such as a proposed trail bridge over the Sandy River for the Whistle Stop Trail, which would tie the village of Farmington and West Farmington together, Davis said.
While providing a better understanding of tax increment financing, the meeting also provides residents a chance to ask questions and discuss whether sheltering tax funds for specific development projects is of value to the community, he said.
abryant@sunjournal.com
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- Funds from a proposed Tax Increment Financing district in Farmington could be used for items such as sidewalks or installing more streetlights such as these new decorative lights recently added to downtown Farmington, Town Manager Richard Davis said.
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- Funds from a proposed Tax Increment Financing district in Farmington could be used for projects such as sidewalks or expanding the installation of decorative lights such as these that were recently replaced in downtown Farmington, according to Town Manager Richard Davis. The light on the left and several others now adorn Main Street.
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