A TIF is a program for economic development that is available to all Maine local governments. A geographical area is designated, and some or all property tax dollars that are generated by new development in the district (the ‘increment’) are spent on things that the TIF contract specifies. In Freeport, the money is usually targeted to financing the project and facilitating economic development in the form of infrastructure improvements that benefit the town as a whole.
Community designation of a TIF district requires proper public notice, a public hearing, and a majority vote of the Town Council, and approval by the State Department of Economic and Community Development. State law places various limitations on the terms of a TIF. The State has a webpage dedicated to the topic. It also prints a Manual on TIF’s, detailing the State guidelines.
The Town has developed a local TIF policy. For more information, please contact the Freeport Economic Development Corporation.