FARMINGTON — Town officials will hold a public meeting to explain a proposed downtown tax increment financing district at 6 p.m. Monday, July 22, in the gym at the Community Center.

Residents will be able to ask questions and see the map of the proposed district, which encompasses the downtown, part of West Farmington and some of the immediate surrounding area, according to Town Manager Richard Davis.

Davis said a vote will be scheduled at the informational meeting for the proposal before the end of the year.

The proposed tax increment financing district is part of Farmington’s downtown development plan, which was approved in April after several months of editing and workshops. The plan is a list of recommendations commissioned by the town to promote economic development.

In the proposed tax increment financing district, the town would first assess the value of property in the proposed district.

Then when the value of the property in the district rises, any new taxes raised above the original assessment will go into an account designated for downtown development projects.

Consultant John Holden, at the time acting with Eaton Peabody Consulting Group, suggested the town create the tax district to fund infrastructure projects such as a Sandy River bridge, downtown public restrooms, new streetlights and improved sidewalks.

Eaton Peabody Consulting Group recommended the town revive the effort to fund the Sandy River bridge, which is estimated to cost $1.65 million.

Five years ago, a group of five residents led the original effort and raised around $12,000.

Davis said the town is interested in building the bridge because it would be an economic advantage to better connect people and businesses. The bridge would be open to foot traffic, as well as bicycles.

The town would need to have $330,000 in available money to file for federal and state financial help in building the bridge, according to the development plan.

Kaitlin Schroeder — 861-9252
[email protected]

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