An Act To Expand Tax Increment Financing
Sec. 1. 30-A MRSA §5225, sub-§1, ¶B, as amended by PL 2011, c. 101, §13, is further amended to read:
(1) That portion of the costs reasonably related to the construction, alteration or expansion of any facilities not located within the district that are required due to improvements or activities within the district, including, but not limited to, sewage treatment plants, water treatment plants or other environmental protection devices; storm or sanitary sewer lines; water lines; electrical lines; improvements to fire stations public safety facilities; and amenities on streets;
(2) Costs of public safety improvements made necessary by the establishment of the district; and
(3) Costs of funding to mitigate any adverse impact of the district upon the municipality or plantation and its constituents. This funding may be used for public facilities and improvements if:
(a) The public facilities or improvements are located in a downtown tax increment financing district; and
(b) The entire tax increment from the downtown tax increment financing district is committed to the development program of the tax increment financing district;
SUMMARY
This bill expands the types of projects eligible for tax increment financing for municipalities and plantations by including public safety facilities instead of just fire stations, as in the current law.