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Freeport’s Active TIF Districts
TIF District Name Expiration Date Proceeds Berenson/L.L.Bean TIF Parking Garage, Street/sidewalk improvements Park Street TIF Street/sidewalk Destination Freeport TIF Street/sidewalk and other improvements
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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 (5%) Amount currently in TIF districts (1.5%) Amount available to be used for TIF districts (3.5%)
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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%)
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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, $4,976 With Shelter (in TIF) $12,750 (taxes)
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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
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