FARMINGTON — Franklin County commissioners have awarded about $242,000 in tax-increment financing revenue to enhance economic development since March 2012 in the unorganized territories.

The money has been used on projects that including improving trails, turnouts and signage, and increasing education skills.

In 2008, it was estimated the county would retain $4 million over 20 years when commissioners entered into a credit-enhancement agreement with TransCanada Maine Wind Development Inc., a wholly-owned affiliate of TransCanada Corp. The agreement is related to the 44-turbine Kibby Wind Power Project on Kibby Mountain and Kibby Range in northern Franklin County. TransCanada later expanded the project but the expansion was not part of the TIF agreement.

The TIF agreement allows for 75 percent of the new taxes to be retained by the county over 20 years, with county commissioners reimbursing the company 60 percent of those new taxes annually for 20 years. The remainder of the TIF funds would be dedicated to the county for economic development in the unorganized territory.

Project categories with the unorganized townships that qualify for funding range from scenic byway improvements to tourism packaging and marketing assistance to global positioning systems and trail improvements. Public safety/fire protection, emergency communications and scholarships for education also are qualified categories.

A review committee made up of unorganized territory residents, county Clerk Julie Magoon and Executive Director Alison Hagerstrom of the Greater Franklin Development Corp. review the grants. Hagerstrom oversees the committee. Neither she nor Magoon grade the applications. The committee submits its recommendations to county commissioners who act on them.

The fourth round of project-based grant applications will be held this year. A letter of intent is due March 17 with the application due May 7. Information on the applications and the TIF can be found online at www.greaterfranklin.com/resources/franklincountytif.

In the third round of applications, $133,226.91 was awarded. The amount factors in $23.09 that was returned from an education scholarship. Initially, $1,600 was awarded, according to information provided by Magoon.

Of that amount, $89,500 was awared to improve multipurpose trails, $16,700 to improve scenic byways and $25,450 for tourism planning, according to information from Hagerstrom.

dperry@sunjournal.com

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