FARMINGTON — The Select Board on Tuesday tabled a credit enhancement agreement for a proposed $9.2 million senior housing project to get more information.
Avesta Housing is planning the development, named Edgewater, at 126 Willow Springs Drive.
Selectmen approved a Community Development Block Grant for it Jan. 23. The two-story, 25-unit building would be for those 55 years and older.
Project manager Lauren Turner requested an agreement calling for 75% of tax revenue to be returned to Avesta and the rest staying with Farmington.
Taxes on the developed property would more than double, she said. Returning some of those to the developer reduces the tax bill and offsets operating costs annually so the project can take on more debt, she said.
The housing project is within the Farmington Downtown Tax Increment Financing District, which was created in 2013.
A TIF is a flexible finance tool used by municipalities, plantations and unorganized territories to leverage new property taxes generated by a specific project or projects within a defined geographic district.
Total project cost is estimated at $9.2 million, Turner said. Funding is coming from several state and federal sources. Municipal or local sources are expected, with one option being a credit enhancement agreement through the TIF, she said.
Chairman Matthew Smith asked about the length of the agreement.
Turner said it would remain under the TIF until it expires in 2044.
Smith said the agreement would be discussed at a future meeting. “There is a lot to digest,” he said.
In other business, selectmen set hours for the March 25 municipal election for 7 a.m. to 5 p.m. at the Community Center at 127 Middle St.
Selectmen Dennis O’Neil asked about the 5 p.m. closing time and if those who work were taken into consideration.
The start time is earlier because complaints were received about people not being able to vote before work, Town Manager Erica LaCroix said.
The annual town meeting March 25 begins at 7 p.m. to give time to count ballots beforehand.
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