WATERVILLE — City councilors on Tuesday will consider amending the downtown tax increment financing district and will hear updates from City Manager Michael Roy on plans for Head of Falls, The Concourse and Castonguay Square.

The meeting will be at 7 p.m. in the Chace Community Forum at the Bill & Joan Alfond Main Street Commons at 150 Main St. downtown.

The council will consider supporting a proposed amendment to the downtown tax increment financing district that would remove two buildings from the district that are located just south of, and adjacent to, 173 Main St. A favorable vote also would pave the way for a new tax district to be developed for those two buildings.

Kennebec Realty Partners owns those buildings and wants to develop them, Roy said Monday. The TIF Advisory Committee is reviewing plans for the buildings and recommends a new TIF district be created so a financial incentive is provided through a credit enhancement agreement in the future.

Roy said being in a separate district would allow the owners a longer term for such an agreement. As part of the TIF, the owners would pay taxes on the property, and the city would reimbursement them on an agreed-upon percentage of those taxes.

The council’s vote would be just a first step in a fairly long process to create a separate district, according to Roy.

In other matters, councilors will discuss four properties that may become acquired by the city for nonpayment of taxes. They are on South Grove and Sturtevant streets, as well as Western and Violette avenues.

Roy is scheduled to give updates on two requests for qualifications, received Thursday, to develop property at Head of Falls. He also will discuss a presentation at 6 p.m. March 19 on the redesign of Castonguay Square, as well as the process for redesigning The Concourse.

 

Amy Calder — 861-9247
[email protected]
Twitter: @AmyCalder17

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