Farmington officials will meet Monday to begin planning how to use the money generated by its new downtown tax-increment financing district.
The money from the TIF district is earmarked for economic development. For the first time, the town collected property taxes from the district this year.
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The district was formed to set aside taxes for development and capitol improvement projects, particularly those included in the Downtown Development Plan adopted by the town earlier this year.
The plan includes a list of suggestions for promoting the economic welfare of the downtown. One of the most ambitious proposals in the plan is for a Sandy River Bridge to connect West Farmington and the downtown better.
The plan also recommends other infrastructure improvements, like more sidewalks and a parking structure.
The committee, which is a mix of town officials, business leaders and residents, was formed to suggest and prioritize which projects the money will go to.
Town Manager Richard Davis said the initial meeting of the Downtown TIF Advisory Committee will be at 4 p.m. Monday in the downstairs meeting room of the Farmington municipal building.
The TIF district, approved by voters in 2013, encompasses downtown, part of West Farmington and some of the surrounding area. It’s the town’s second TIF district with the first district covering Franklin Printing on Wilton Road.
Under the TIF district, the town assesses the value of property in the district and when the value of the property in the district rises, any new taxes raised above the original assessment can be “sheltered” into an account earmarked for downtown development projects.
Property values represented by the sheltered revenue cannot be considered by the state in calculating the town’s entitlement to state financial aid for education and revenue sharing, and the town can receive more state assistance.
Selectmen voted this year to shelter 28 percent of the income from the TIF district.
The district will expire in 2044 unless renewed. The 30-year period is the maximum period allowed for a tax increment financing district to operate.
Kaitlin Schroeder — 861-9252
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