Auburn council to hold public hearing on Stable Ridge development district
Mar. 17—AUBURN — The City Council will hold a public hearing Monday on the proposed tax increment financing district for the Stable Ridge property at 555 Court St.
As written, the proposal would allow the city to "capture" 100% of the tax revenues generated from the increased property value over the next 20 years for specific development funds, including construction and maintenance of a public safety facility, road improvements and costs related to administration and economic development.
The application also authorizes the city manager to execute a credit enhancement agreement with the property's developers. The agreement would allow the developer to receive up to 50% of the TIF revenues generated for a term not to exceed 10 years or until the developer has received $500,000, whichever comes first.
Glen Holmes, Auburn's director of business and community development, said this month that council approval of the application sets the parameters of a possible credit enhancement agreement and allows the council to direct the city manager to draft and execute the agreement later.
The council is expected to vote to approve the application immediately following the public hearing. It must go to the state Department of Economic and Community Development for final approval. The state department oversees all municipal TIF districts.
The public hearing is on Monday's agenda. The meeting starts at 7 p.m. in Council Chambers and will be livestreamed at youtube.com/c/CityofAuburnMaine.