Tax Increment Financing (TIF) is a finance vehicle available to Maine municipalities (cities, plantations, towns) and the Unorganized Territory. These TIF-eligible entities propose and drive the creation and approval of local TIF districts.
The county’s TIF district was created to capture tax monies generated by the Stetson I and Stetson II wind farms located in the unorganized territories near Danforth. This arrangement have made funds available for grants and loans to people and organizations who want to create and expand businesses and other opportunities in any of the unorganized territories of Washington County, Maine.
The TIF Grant Program includes a nature-based tourism fund, a revolving loan fund, an economic development planning fund, and a capital project fund. For- and non-profit businesses, individuals and other organizations may apply for funding through these programs. Applications are reviewed on a rolling basis and then referred to the County Commissioners for final approval.
The purpose of the UT TIF Program is to:
- Provide new employment opportunities;
- Improve and broaden the tax base; and
- Improve the general economy of the State.
Sunrise County Economic Council, in its role as economic development agency for Washington County Government, administers the UT TIF Grant and Loan Programs. Please go to http://www.washingtoncountymaine.com/index.php/business-economy/tax-increment-financing-tif-district for more information, application forms and guidelines.
You may also contact SCEC’s Program Manager, Susan Hatton, who can assist you with the TIF process. Susan may be reached by email at: firstname.lastname@example.org, or by phone at either 207-255-0983.