WILTON — Residents will consider amending two of the town’s tax-increment-financing districts at a special town meeting Tuesday night, followed by Central Maine Power Co.’s presentation on a new substation proposed for East Wilton.
The special town meeting on TIF districts and the CMP proposal will be held in conjunction with the regularly scheduled Wilton Selectboard meeting at 6:30 p.m. at the Town Office.
The proposed amendments to the Comfort Inn and Suites TIF and the Downtown Omnibus Development TIF are housekeeping changes to the wording of the TIF agreements. If passed, the amendments would set in stone that the board of selectmen have the authority to release TIF funds.
The town has already been releasing TIF funding this way, according to Town Manager Rhonda Irish. However, she was unaware that by law the means for releasing TIF funding must be specified within the TIF agreement.
Once established, a TIF district allows for the town to shelter any additional property taxes that stem from added value to the area within the district and earmark that revenue for economic development.
The Comfort Inn and Suites TIF district was established in 2007 and encompasses the hotel itself and other select areas along U.S. Route 2. The account presently has $260,000, Irish said, which the town can use for various improvement projects outlined in the TIF.
The Downtown Omnibus Development TIF was established in 2013 and encompasses the area along Main Street in Wilton. However, the TIF has not generated any revenue for the town because no new property value has been added within the TIF district.
Following the special town meeting, CMP representatives will be giving a presentation on the new substation they have proposed for Main Street in East Wilton.
CMP bought the1338 Main St. property in April with the intention of building a small substation on the property to replace an outdated substation on Temple Road. The proposed substation will serve about 500 CMP customers.
The company is not expected to bring the project to the planning board until 2017, Irish said in May, with completion of the substation slated for mid-2018.
Lauren Abbate — 861-9252
Twitter: @Lauren_M_Abbate
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