Freeport’s Active TIF Districts

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Presentation transcript:

Freeport’s Active TIF Districts TIF District Name Expiration Date Proceeds Berenson/L.L.Bean TIF 2026 Parking Garage, Street/sidewalk improvements Park Street TIF 2010 Street/sidewalk Destination Freeport TIF 2019 Street/sidewalk and other improvements

Freeport’s TIF Capacities Maximum Freeport TAXABLE ACREAGE allowed by the state in TIF districts Total Taxable Acreage 16,640 (100%) Amount allowed to be used in TIF districts 832 (5%) Amount currently in TIF districts 249 (1.5%) Amount available to be used for TIF districts 582 (3.5%)

Freeport’s TIF Capacities Maximum Freeport original ASSESSED VALUE allowed by the state in TIF districts Total Assessed Value $1,546,890,774 (100%) Amount allowed to be used in TIF districts $77,344,539 (5%) Amount currently in TIF districts $13,126,101 (.85%) Amount available to be used for TIF districts $64,218,438 (4.15%)

Sheltering Benefits for Freeport For every $1M of captured value (@ current mil rate of $12.75) the town will collect $12,750 in taxes Without Shelter (to General Fund) $12,750 (taxes) -$531 (county) -$443 (State) -$6,800 (Education) $12,750 $4,976 With Shelter (in TIF) $12,750 (taxes)

Proposed Investment In Businesses Direct funds from the Park Street TIF - $48,000 for marketing and economic development arm of the chamber Extend the expiration date by 24 years