A.
GENERAL
Municipalities wishing to use municipal tax increment
financing to fund development programs must submit an application to the
Department conforming in all material respects to the requirements of Sections
(B) below and providing any additional information the Department may
request.
In accordance with 30-A M.R.S.A., §5235, a county may
act as a municipality for the unorganized territory within that county for
purposes of municipal tax increment financing.
B.
MUNICIPAL TAX INCREMENT FINANCING
APPLICATION
A municipality wishing to use municipal tax increment
financing to fund a development program shall submit to the Department for
review by the Commissioner an original and one copy of an application that
satisfies the requirements of this section. The municipality shall provide with
the application any additional information the Department may require.
An application for designation of a municipal tax increment
financing district must contain the following, in the order listed:
1. A cover letter from an authorized
municipal official certifying that all information contained in the application
is true and correct to the best of his or her knowledge.
2. An Application Cover Sheet on a form
provided by the Department;
3. A
completed Employment Goals form provided by the Department;
4. A completed Statutory Requirements &
Thresholds form provided by the Department;
5. A Development program which includes
a Description of public facilities,
improvements, or programs to be financed in whole or in part by the development
program
b Description of commercial
facilities, arts districts, improvements or projects to be financed in whole or
in part by the development program
c Duration of the program (may not exceed 30
years)
d Certification of original
assessed value of the taxable property in the TIF district by the municipal tax
assessor, using valuation from the prior March 31st
e A physical description of the district
including
i. A municipal map clearly showing
the site location of the proposed district relative to the municipal
boundaries; and
ii. Tax maps
clearly delineating the boundaries of the proposed district
f Financial plan
i. Cost estimates for the development
program
ii. Amount of public
indebtedness to be incurred
iii.
Sources of anticipated revenues
iv.
Description of the terms and conditions of any agreements, contracts or other
obligations related to the development program (e.g. credit enhancement
agreements CEAs)
v. Estimates of
increased assessed values of the district for each year of the
program
vi. Portion of the
increased assessed values to be applied to the development program as captured
assessed values and resulting tax increments in each year of the
program
vii. Tax shift calculations
for each year of the program
g Plans for the relocation of persons
displaced by the development activities
h Proposed regulations and facilities to
improve transportation
i
Environmental controls to be applied
j Proposed operation of the development
district after the planned capital improvements are completed
6 Evidence of public hearing
a 10 day notice of public hearing, including
proof of date of publication
b
Minutes of public hearing, attested to and signed
c Record of district designation by municipal
legislative body
C.
ESTABLISHING ORIGINAL ASSESSED
VALUE
Completed applications must contain current information
regarding the assessed value of the district as of March 31 immediately
preceding the date of completed application to the Department.
D.
TIMING OF
SUBMISSION
In order to establish the original assessed value specified
in the municipality's development program, a municipality must submit its
application to the Department by March 1 of the property tax year in which the
municipality designates the tax increment financing district, unless the
Commissioner, if requested by the municipality before March 1, authorizes
submission after March 1 but before March 31.
