MADISON — Residents Monday will be asked to approve the creation of a new tax-increment financing district and enter into a 15-year tax deal with the developer of a proposed senior living center on East Madison Road.
A public hearing will be held at 6:30 p.m. with the special town meeting slated to begin at 7 p.m. in the Madison Area Junior High School auditorium.
Residents will be asked to designate a tax-increment financing, or TIF, district around the proposed site of the Woodlands Senior Living of Madison, a proposed $4.6 million, 42-bed senior living facility.
The facility is being developed by Waterville-based Woodlands Senior Living and is planned for East Madison Road near the Skowhegan town line.
If approved, the TIF district and an ensuing agreement with Woodlands would allow the company to retain 85 percent of its property tax payment for 15 years and put the remaining 15 percent toward a town economic development fund.
It will also need approval from the Maine Department of Economic and Community Development.
Under the terms of the TIF that has been drafted, Woodlands would save about $70,000 annually for 15 years on taxes and would pay about $13,000 to the town for economic development.
Town Manager Tim Curtis said last month the development is expected to bring about 30 jobs to the area and fill a need for senior housing.
“It’s a perfect fit for our community,” Curtis said. “It’s going to provide upwards of 30 good jobs and provides resources for the people who need these types of services. We’re very excited about it.”
Residents will also be asked to approve an overdraft of an article approved at Madison’s Town Meeting in June 2017. Unanticipated costs associated with a storm in November 2017 caused the town to overspend the budget for waste management. The town’s financial policy requires approval of the overdraft by voters at the next available town meeting.
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