AUBURN — A controversial townhouse development in New Auburn is off the table for now.

Developer Matt Teare of Manx Development said his group has decided to not pursue a tax-increment finance deal with the city and to not apply for federal tax credits this year.

“We are not applying for tax credits,” he said. “Without a TIF deal, it’s not even worthwhile to do that at all.”

Teare said his group still has an option to purchase the 15-acre Loring Farm parcel and could bring a different project back to the city next year.

“We heard a lot of concerns the other night,” he said. “One of the big concerns was that this felt rushed to people and that there is not enough information for them. So we thought it appropriate to step back and spend a little more time looking at it and thinking about what it could be in the future.”

The City Council was scheduled to vote at its meeting Monday on the Loring Farm TIF and on giving the project $250,000 in federal HOME funds, but Economic Development Director Michael Chammings said the developer requested the item be removed from Monday’s agenda.

“I think it’s a good project but as far as the council goes, they felt uncomfortable about the timing,” Chammings said. “It met all of the legal timeframes, but I think some councilors felt they didn’t have enough time to take everything in and look at all the information.”

The project inspired two hotly-contested public meetings in New Auburn in the last two weeks, including a four-hour tour and public comment period on Tuesday in the Walton School gymnasium.

Teare’s group wanted to build 48 rental townhouses close to one another at the center of the lot at 37 Loring Ave. at the bottom of a basin and surrounded by trees. Tearle estimated the project would cost $8 million.

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