CARRABASSETT VALLEY — Franklin County commissioners will hold a second informational meeting Wednesday, Sept. 7, on a proposed amendment to the county’s 2008 tax-increment financing agreement with TransCanada.

It starts at 5:30 p.m. at the Carrabassett Valley Public Library. A public hearing is scheduled for Oct. 4 at the Franklin County Courthouse in Farmington.

The county uses TIF revenues for economic development in the unorganized territory and some TIF-related expenses.

The amendment would maximize the benefit to county residents, inside and outside the unorganized territory, according to consultant John Cleveland, president of Community Dynamics Corp. in Auburn. He is working with the county on the amendment, which would change the formula for capturing tax revenue from the Kibby Wind Energy facility in Kibby Township.

The 20-year TIF agreement with TransCanada Wind Development Inc. would be expanded to 30 years. The county could capture 100 percent of the new tax revenue from TransCanada’s initial 44-wind turbine facility on Kibby Ridge.

Under the existing agreement, the county captures 75 percent of new tax revenue in the first 10 years of the agreement and 50 percent in the last 10 years. The remaining taxes are sent to the state of Maine entity that oversees the unorganized territory.

Of the 75 percent captured, TransCanada is given back 60 percent and the county retains 40 percent. That split would remain the same under the proposed amendment.

In years 2029 through 2038, all TIF revenue would go to the county.

The proposal also expands the number of things on which the county could spend TIF revenue. It increases the amount the county would keep from $4 million to an additional $12.4 million, according to Cleveland.

In the proposed amendment, among the new activities revenue could be spent on is telecommunications infrastructure for the unorganized territory, which includes cellphone towers, high-speed internet and planning costs for installation.

TIF revenue could also be spent on expanded tourism, recreation and marketing; recreational trail construction; and acquisition of property, or easements, for trails.

TransCanada has also agreed to an economic enhancement agreement, which is separate from the TIF. The company has agreed to make voluntary payments to the county for economic purposes beyond what comes from the TIF, Cleveland said in August.

It is estimated that it would be about $3 million total over 12 years with the funds used throughout the county.

dperry@sunmediagroup.net

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