Wilton residents will consider applying for a $700,000 grant on behalf of Barclays call center Tuesday, with the goal of expanding the business.
The public hearing and special town meeting vote on whether to apply for a Community Development Block Grant to fund expansion of the business will be 7 p.m. Tuesday in the downstairs of the Town Office on Weld Road.
The grant requires that for each $30,000 received, the beneficiary business will have to hire an additional person, for a total of about 24 new jobs.
“The requirement is for each $30,000 they have to create an entirely new job,” said Town Clerk Diane Dunham.
The grant requires a vote because the town would be responsible for the money in the event Barclays was unable to fulfill their end of the grant, like if they went out of business, Dunham said.
Dunham said the town must apply, rather than Barclays because only municipalities can apply for the money.
The money would go toward updating the call center at the Western Maine Development industrial complex on Weld Road in preparation for expansion.
If the town approves the grant application, it does not guarantee the town will get the money, said Dunham.
On Tuesday, town officials will explain the program and residents will be able to first ask questions about the program and the application at a public hearing. Then the public hearing will close and residents will take a vote on the matter at the special town meeting.
The Wilton Selectboard, following the vote on the grant, will discuss efforts to create a tax increment financing district and a credit enhancement agreement for Western Maine Development, which owns the complex Barclays is located in.
The selectboard has not finalized the district, but if approved by residents, it would create economic incentives for development of the site.
In a TIF district, as the developers expand and add value to the site, additional property taxes can be sheltered in an account earmarked for economic development. A TIF can also be used to reduce property taxes as an incentive to developers.
A credit enhancement agreement allows the town to take some of the money and direct it back to the business doing the development so it can work on additional development.
Kaitlin Schroeder — 861-9252
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