Economic Development Committee — Portland, ME
Date: 2018-09-04

ECONOMIC DEVELOPMENT COMMITTEE
 DATE: September 4, 2018 (Tuesday)
 TIME: 5:30 – 7:30 p.m.
 LOCATION: Room 209
 Portland City Hall



 1. Review and accept Minutes of previous meeting held on July 17, 2018.

 2. Review, discuss, and EDC direction on possible amendments to the following area-
 wide TIF Districts:
 a. Bayside TIF District to possibly fund workforce training, along with other possible
 public investment options;
 b. Downtown Transit Oriented Development TIF District to possibly increase capture
 rates and possibly fund workforce training, along with other possible public
 investment options; and,
 c. Waterfront TIF District to possibly expand the geographic area and fund
 workforce training, along with other possible public investment options.
 Note: See enclosed memo from Greg Mitchell

 3. Review and vote to forward to the City Council as a communication item the
 FYE2018 TIF Report.
 a. See enclosed Annual Report

 4. Executive Session: Pursuant to 1 M.R.S.A. 405(6)(C), the Committee will go into executive
 session to provide staff guidance related to the following:
 a. Real estate negotiations related to possible sale of City-owned property adjacent to Maine
 Turnpike.
 Note: See enclosed confidential material from Greg Mitchell.



 Councilor Justin Costa/Chair



NOTE: No public comment will be taken on non-action items.
Next Meeting: September 18, 2018




 CITY OF PORTLAND/ECONOMIC DEVELOPMENT DEPT./389 CONGRESS ST./PORTLAND, ME 04101/(207) 874-8683
 Minutes
 Economic Development Committee
 July 17, 2018


 NOTE: These meetings are now live-streamed, which can be viewed at this link:

 http://www.portlandmaine.gov/1695/Economic-Development-Committee These

 Minutes provide a record of those in attendance, general discussion taking place, and

 motions made.

 A meeting of the Economic Development Committee (EDC) of the Portland City

 Council was held on Tuesday, July 17, 2018 at 5:30 p.m. in Room 209 of Portland City

 Hall. Present from the Committee was its Chair Councilor Justin Costa and members

 Councilors Nicholas Mavodones and Spencer Thibodeau. Present from the City staff were

 Business Programs Manager Nelle Hanig, Economic Development Director Greg Mitchell,

 Office of Economic Opportunity Director Julia Trujillo, Senior Executive Assistant Lori

 Paulette, and Parking Manager John Peverada.

 Item #1: Review and accept Minutes of previous meeting held on June 19, 2018.

 On motion made by Councilor Mavodones, seconded by Councilor Thibodeau, the

Committee voted unanimously to accept the Minutes as presented.

 Item #2: Presentation and Feedback on Amendments to Outdoor Dining

Regulations Pursuant to Section 25-28 of the Code of Ordinance Allowing for Use of Non-

Contiguous Areas – Jeff Levine

 Mr. Levine said that due to State law changes, outdoor dining now does not have to be

contiguous to a food service establishment and an establishment could use a parking spot if it

outweighs that use, and alcohol can be served. Mr. Levine then handed out updated proposed




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regulations, which by Ordinance are promulgated by City Manager, copy attached. These

proposed amendments are the result of various Departments meeting and discussing thoughts

and concerns. Mr. Levine then went over the proposed amendments, noting that such use of

parking spots would not be on high travel roads and would not be permitted within 15 feet of

an intersection. The City would have a per day charge and insurance requirements, with a pilot

program run for the first year. He also noted that restaurants cannot have both sidewalk dining

and a parking spot dining.

 Mr. Peverada noted that it is intended at this time to exclude Congress Street and Forest

Avenue for this use, and maybe Center Street.

 Councilor Mavodones said that, although he likes the concept, parking is an issue in the

downtown and the Old Port, and he has concerns about taking away parking spots for this

purpose. He would like there to be public input and also noted concerns of noise.

 Councilor Thibodeau thanked staff for bringing this forward for discussion, and it is

broad enough to make practical sense, and a pilot program also make sense and should be done

on the peninsula. The proposed $20 daily fee may be too low, which Mr. Levine noted that this

came from Corporation Counsel; otherwise, it would require an ordinance amendment.

 Councilor Mavodones asked how many could take advantage of these new regulations,

and Mr. Levine noted that to be approximately 20 who don’t use sidewalks. Councilor

Mavodones said that he would be interested to see that list.

 Chair Costa agrees with what has been said, noting that this was tried at the Press Hotel

and needs exploration.

 Mr. Mitchell noted that these regulations would be promulgated and managed

administratively.




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 The Committee discussed this, particularly to have a public process, with consensus

being that Portland Downtown and the City Manager could manage that public process –

noting that a thorough outreach would be needed.

 Item #3: EDC Workshop related to Workforce Training System Programs and

policy discussion, including Possible Organization Changes and City Funding.

 Chair Costa noted the Committee spent some time the past year with selling Public

Works Bayside Properties, with the next subject to take on is work force development,

determining what the public sector is doing and engaging the business community. Funding

sources would then need to be identified.

 Mr. Mitchell said that representatives from Greater Portland Workforce Initiative

(GPWI), Portland Adult Education (PAE), and the City’s Office of Economic Opportunity

(OEO) will provide an update to the Committee on their work, and then he would follow-up on

the funding side.

 Ms. Moore from GPWI said that it represents approximately 20 organizations which

have growing sectors of employment, and GPWI focuses on breaking down barriers to

employment and works with all populations. She then described GPWI’s goals and strategies,

working with PAE, with all trying to leverage resources and identifying what employers need

in hiring. Ms. Moore then handed out the attached listing of most of the organizations she

works with, noting that many have funding restrictions; unrestricted funding is needed.

 Ms. Trujillo of OEO said that she has been part of GPWI for five years. She then

described the grants landscape as competitive and needing to be approached in a coordinated

fashion. A bigger challenge she has seen includes the under-employment rate. She noted that

the immigrant population may have an Engineer’s background and credentials from their




 3
country of origin, but transferring them here is an issue and costs a lot of money. Ms. Trujillo

said that this is an issue in many cities across the states.

 Ms. St. Onge of PAE said that PAE has less than 2% of the school budget, and

concentrates on workforce development and individual learning plans, and it too serves all

populations and works with New Mainers Resource Center as well – see attached summary of

NMRC. Ms. St. Onge said that English as a Second Language (ESL) takes a long time for

individuals, which serves as an impediment to transferring credentials from a foreign country,

noting as well the issue of under-employment. PAE offers an English learning lab if ESL

classes are full. This can help with resume writing and job skills. She closing noting that more

funding is needed.

 A discussion followed on the need for ESL and credentialing.

 Councilor Mavodones thanked all and asked what is needed and how can the City

assist. Overall, the response was unrestricted funding, with Ms. Trujillo adding that a database

is also needed so people do not fall through the cracks.

 Councilor Thibodeau asked what success would look like, and Ms. Moore said

immediate assistance to individuals. Ms. Trujillo added that employers would find talented

employees and vice versa. Ms. St. Onge said that additional classes for populations that need

them, together with more case management/career advisors/translators.

 Regarding funding sources, Mr. Mitchell said that workforce training investment is an

allowable use of Tax Increment Financing (TIF) funds. The City of Westbrook just included

that use in one of their TIF districts. Mr. Mitchell recommended that he sit down the City

Manager and Finance Director to craft recommendations to bring to this Committee.

 Chair Costa asked about statutory limits on TIFs, and Mr. Mitchell said that there are no




 4
geographic restrictions for work force training investment. Limits would be based on the

numbers of years left in a TIF District. He also noted that once a TIF District has expired, the

City could re-establish it a new Original Assessed Value.

 Councilor Mavodones asked about a timeline for Council action on the proposed

amendments to the area-wide TIF Districts to have workforce training an allowable use. Mr.

Mitchell said that his plans are to present recommendations this Fall to the EDC and City

Council, and then these would need to be forwarded to the ME Dept. of Economic and

Community for final approval.

 Chair Costa said TIF revenue funds could provide for more flexibility for workforce

training, particularly in that they can be used City-wide; Committee members concurred.

 Chair Costa wrapped up this item noting the need for the business community to be

engaged with workforce training providers and future program changes.

 Item #4: Executive Session: Pursuant to 1 M.R.S.A. 405(6)(C), the Committee will go into

executive session to provide staff guidance related to the following:

 a. Real estate negotiations related to a possible sale in the Portland Technology

 Park.

 A motion was made by Councilor Thibodeau, seconded by Councilor Mavodones, to go into

executive session pursuant to 1 M.R.S.A. 405(6)(C) to provide staff guidance related to real estate

negotiations for a possible sale in the Portland Technology Park. Chair Costa asked for a vote on the

motion and it passed unanimously at 7:30 p.m. At approximately 8:00 p.m., the Committee came out of

executive session and the meeting was then adjourned.

 Respectfully, Lori Paulette




 5
Jeff Levine handout at 7/17/2018 EDC Meeting
Jeff Levine handout at 7/17/2018 EDC Meeting
NMRC Handout at 7/17/2018 EDC Meeting
 Economic Development Department
 Gregory A. Mitchell, Director



 MEMORANDUM


TO: Economic Development Committee

FROM: Greg Mitchell

DATE: August 29, 2018

SUBJECT: Proposed Amendments to City Area-wide Tax Increment Financing
 Districts


This memo outlines the rationale and public benefits associated with the three existing large approved
Area-wide Tax Increment Financing (TIF) Districts (Bayside, Downtown Transit, and Waterfront),
along with City staff recommended amendments. The goal of the proposed amendments is to
maximize utilization of the TIF revenue by adding more investment options for use of TIF revenue,
increasing the capture rate of the Downtown Transit TIF District, and expanding the Waterfront TIF
District.

EXISTING AREA-WIDE TAX INCREMENT FINANCING (TIF) DISTRICTS

There are three area-wide existing City of Portland and State approved TIF Districts. See attached
map. The three area-wide TIF Districts include:

Bayside (Existing and Proposed Amendments)

Geography. 129.18 acres bounded by Franklin Street, Cumberland Street, Forest Avenue and I-295.

TIF Term. Fiscal Years 2004-2033

Capture Rate. 100%

Overview of TIF District Expenditures FY2016 to Date:

 Bayside TIF Expenditures From FY2016 thru FY2018
 Uses Expenditures
 Public Infrastructure $541,950
 Credit Enhancement Agreements $1,376,957
 Debt Service $1,208,616
 Total Invested: $3,127,524

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Existing and Proposed Amendments to Uses of Revenue. See attached excerpt of the Bayside TIF
District Program which shows existing and proposed amendments to allowable uses of TIF District
revenue in a strike through and underline format. Adding additional uses of TIF revenue creates the
maximum flexibility to use TIF revenue.

There are no proposed amendments to the capture rate or geography.

Downtown Transit (Existing and Proposed Amendments)

Geography. 421.52 acres generally bounded by State Street, Bayside TIF District and I-295,
Washington Avenue, and the Waterfront TIF District.

TIF Term. Fiscal Years 2016-2045

Overview of TIF District Expenditures to Date.

 Downtown TOD TIF Expenditures from FY2016 thru FY2018
 Uses Expenditures
 Public Infrastructure $346,595
 Creative Portland $300,000
 Staff $20,000
 Total Invested: $666,595

Existing and Proposed Amendments to Uses of Revenue. See attached excerpt of the Downtown
Transit TIF District Program which shows existing and proposed amendments to allowable uses of
TIF District revenue in a strike through and underline format.

Capture Rates
>Existing. 22%
>Proposed. 100%. City staff’s recommendation is to increase the “allowable” capture to enable
maximum use of TIF revenue. It is noted that increasing the “allowable” capture rate does not require
the City to annually capture the full amount. Final decisions related to use of TIF revenue are made
annually through the City budget process.

There are no proposed changes to the geography of the Downtown Transit TIF District.

Waterfront (Existing and Proposed Amendments)

Geography. 6.62 acres. This District includes seven non-contiguous properties. It is noted the
Waterfront Capital Improvement and Economic Redevelopment Zone (WREZ) and Ordinance
establishes the area on Portland’s waterfront which is “reserved” for future expansion of the
Waterfront TIF District.

TIF Term. Fiscal Years 2003-2032.

Capture Rate. 100%




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Overview of TIF District Expenditures to Date:

 Waterfront TIF Expenditures from FY2016 thru FY2018
 Uses Revenue
 Public Infrastructure $46,100
 Credit Enhancement Agreement $574,646
 Debt Service $549,650
 Staff $319,467
 Total Invested: $1,489,863


Existing and Proposed Amendments to Uses of Revenue. See attached excerpt of the Waterfront TIF
District Program which shows existing and proposed amendments to allowable uses of TIF District
revenue in a strike through and underline format.

Proposed Amendments - New Geography. See attached map for discussion and EDC direction.
Adding more properties to the Waterfront TIF District will increase the amount of TIF funds to
support waterfront public infrastructure needs. If there is support to add properties to the Waterfront
TIF District, City staff will complete research to include property size, municipal assessed property
values, timing, and estimated increased value of new private sector investment, along with estimated
property tax revenue for the remaining TIF District term. This information will be available at your
next EDC meeting.

No change is proposed to the capture rate.


PUBLIC BENEFITS

Private Sector Investment and Job Creation. The city of Portland has utilized TIF districts to
prioritize attention to areas requiring area wide public infrastructure investment to attract private
sector investment and associated job creation.

Planned Public Infrastructure Investment. Each Area-wide TIF District includes a list of allowable
uses of TIF District revenue to prioritize and plan public investment.

Tax Shelter (Financial Benefits). Probably the most important, but least understood public benefit
associated with TIF districts, is the tax shelter or local financial benefits.

Municipalities realize “savings” from the tax sheltering effect of TIF Districts. The following direct
financial impacts occur when municipal valuation increases:

 A. State Education Aid is reduced,
 B. State Municipal Revenue Sharing is reduced, and
 C. A municipality pays a higher percentage of the County budget.

This amount of “savings” is significant and one of the most important benefits of establishing TIF
Districts.



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For Portland, tax shelter savings is conservatively estimated at 30%, meaning that for every new tax
dollar, Portland saves 30 cents which would otherwise be lost for property tax value not included in a
TIF District. Portland’s estimated total tax shelter savings for all active TIF Districts is just over $1.2
Million for FYE2018.

Attachments:
 - TIF Map
 - Bayside TIF Excerpt – Redlines for Uses
 - Downtown TOD TIF Excerpt – Redlines for Uses
 - Waterfront TIF Excerpt – Redlines for Uses
 - Map of Proposed Waterfront TIF Amendment




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 8/22/2018 PROPOSED BAYSIDE TIF DISTRICT CITY INVESTMENT OPTIONS
 AMENDMENTS



 D. The Projects

 The projects/public benefits associated with an amended Bayside TIF District include:

 - Provide support for Portland’s continued economic development;
 - Help increase the vibrancy and stability of the Bayside neighborhood;
 - Create employment opportunities for area residents;
 - Produce tax shift benefits averaging an estimated savings to the City of
 $680,307 annually;
 - Improve the general economy of Portland and the State of Maine;
 - Improved public transportation infrastructure investment;
 - Clean up contaminated property to support commercial development;
 - Planning for environmental sea level adaptation, and public infrastructure to
 support commercial development.

 The City of Portland seeks authorization to utilize the revenues generated from the
 Amended Bayside TIF District to support economic development in Bayside, all as
 more detailed in Table 1 below: See Table 1 Below for Municipal Use of TIF
 Revenues, Statutory Citation, and Cost Estimates – Citations all refer to Title 30-A,
 Chapter 206, Section 5225.

 Table 1

 Municipal Use of TIF Revenues Statutory Citation Cost Estimate
In District: Create Additional Parking (1)(A) $10,000,000
Structures
In District: Existing Credit Enhancement (1)(A) $6,000,000 over life
Agreements; others as negotiated, of TIF District for
executed with public process per City of existing CEAs
Portland TIF Policy as may be amended
from time to timeSection II A
In District: Relocate one remaining scrap (1)(A) T/B/D
metal recycling facility and acquisition of
scrap metal yard site
In District: Infrastructure and financing (1)(A) T/B/D
costs (roadway, sidewalk, and
transportation improvement projects)
located in District
In District: Pledging TIF revenue as a (1)(A) $6,000,000 over life
repayment source to HUD or any other of TIF District
agency or entity that finances public
Bayside investment
In District: Public infrastructure (1)(A) T/B/D
improvements for both pedestrians and
transit, lighting, and open space/trails


 1 of 10
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 8/22/2018 PROPOSED BAYSIDE TIF DISTRICT CITY INVESTMENT OPTIONS
 AMENDMENTS

In District: Funding the Economic (1)(A) $500,000
Development Department, including
salaries, to market and prepare for
Bayside Redevelopment and professional
service costs
In and out of District:
 a.) Cover the City’s Economic (1)(A) and (1)(C)(1) $250,000/annual or
 Development Department costs, $4,500,000 over life
 including pro-rated salaries of City of TIF District
 Manager, Finance Director, and
 Planning and Urban Development
 Director and Planning staff*;
 b.) Environmental site assessment and (1)(C)(2) $150,000
 remediation to support commercial
 development;
 c.) Environmental sea level adaptation (1)(C)(2) T/B/D
 planning and public infrastructure
 to support commercial
 development;
 c.)d.) Workforce training funds.
 Costs of services and equipment to (1)(C)(4) T/B/D
 provide skills development and
 training, including scholarships to
 in-state educational institutions or
 to online learning entities when in-
 state options are not available, for
 jobs created or retained.
Total: $27,150,000
 *This item is not unique to this TIF District; it is also included in the Riverwalk TIF
 District and the Waterfront TIF District.

 E. Operational Components

 1. Public Facilities

 The City will invest in projects to further goals of the Bayside Vision, as outlined
 in Table 1 above.

 2. Uses of Private Property

 The Amended Bayside Economic Redevelopment Program and TIF District
 includes both public and private property. The funds generated from this district
 will be used to support commercial investment on both public and private land,
 the latter through the use of CEA as noted II.(D) above.

 3. Plans for relocation of persons displaced by development activities.


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 8/22/2018 PROPOSED DOWNTOWN/TRANSIT TIF CITY INVESTMENT OPTIONS AMENDMENTS


B. The Projects
 Development within the District will provide a revenue source for the City’s economic
development projects. The City intends to use TIF Revenues to further its overall plan to attract
and retain businesses that want to take advantage of Portland’s business-friendly location, while
offering their employees a rich, dynamic, and high quality of life. This includes funding of
Creative Portland Corporation, of which the City of Portland is the Corporator, of up to $100,000
annually, as well as City plans to invest in its public infrastructure in these investment focus
areas:
 - Sidewalk and Other Pedestrian Enhancements
 - Streetscape
 - Lighting
 - Street Alignment
 - Utilities
 - Bicycle Improvements
 - Public Transit
 - Wayfinding
 - Economic Development Department administrative costs and staff salaries, and
 prorated salaries of the City Manager and Planning and Urban Development Director
 The District projects at this time are highlighted in Table 1 below:


 TABLE 1
NOTE 1: All Citations refer to Title 30-A, Chapter 206, Section 5225
NOTE 2: While this Development Program lists particular projects, the Development Program
shall not serve as an appropriation of TIF Revenues for any of these specific purposes, nor shall
it commit the City to completing any particular project. The projects will only be undertaken
following proper appropriation through the annual budget process and any other applicable
required approvals.
 Project Downtown Statutory Estimated Cost
 Revitalization Citation
 Plan Reference
 by page no.
 In District: Capital
 Infrastructure Investments,
 including Financing Costs, for
 example:
  - Multi-modal surface and 8, 19 $1,000,000
 structured parking
 - Sidewalk and Other Pedestrian 19, 205, 6, 7, 9, (1)(A) $200K annually;
 Enhancements 34,35
 - Roadway Realignments/Paving 19-205, 6, 34,35 (1)(A)

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 8/22/2018 PROPOSED DOWNTOWN/TRANSIT TIF CITY INVESTMENT OPTIONS AMENDMENTS


- Crosswalks
- Traffic Signals
- Intersection Redesigns 19,20,34,355, 6 (1)(A) $6 Million over
- Bicycle Infrastructure 195, 9, 1134 (1)(A) life of District
- Stormwater Management, 195, 334 (1)(A)
including water and sewer
upgrades
- Communications Infrastructure 195, 363 (1)(A)
improvements/enhancements
- Wayfinding (signage) 195, 9, 353,47 (1)(A)
- Public plaza intersection 228, 324 (1)(A)
improvements
In and out of District: New and
Enhanced Transit Services,
including operational costs, for
example (see Exhibit K –
Transit Map):
- Creation of high frequency bus 317, 20, 21, 6, (1)(A) and $110K annually;
  service on Congress Street at 32, 33 (1)(C)(7) $3.3 Million over
  15-minute intervals between the life of District
  Portland Transportation Center
  (PTC) and Washington Avenue;
- Enhancing Stevens Avenue- 20
  Allen Avenue- Congress Street
  bus service areas;
- Corresponding costs for these 20
  enhancements, including transit
  operator salaries; transit vehicle
  fuel, and transit vehicle parts
  replacements.
- Transit capital costs including 20
  transit vehicles and related
  equipment; bus shelters and
  other related structures;
  benches; signs, and other
  transit-related infrastructure.
- Shuttle service to downtown 8, 17, 20
  businesses.

In and out of District: City
Marketing and Promotion
through Creative Portland
Corporation (CPC), for
example (see Exhibit M Arts Up to $100K
District Map within Downtown 20, 21,477 (1)(C)(1) annually; $3
TOD TIF District):

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 8/22/2018 PROPOSED DOWNTOWN/TRANSIT TIF CITY INVESTMENT OPTIONS AMENDMENTS


 - In District: Center for the Arts, Million over life
 including rental residential space; of District
 - In District: capital, financing,
 real property assembly and
 professional service costs;
 - In and out of District: CPC 20, 21,47
 staffing, administrative and
 marketing expenses; revolving
 loan or investment fund.
 In and out of District: 217 (1)(A)(5) and $250K annually;
 - Economic Dev. Dept. (1)(C)(1) $7.5 Million over
 administrative costs and staff life of District
 salaries at 100%, and prorated
 salaries of City Manager, Finance
 Director, and Planning Urban
 Development Director, and
 Planning staff *;, including 30, 31 (1)(C)(4) T/B/D
 - Pprofessional services costs;
 - Workforce training funds.
 Costs of services and equipment
 to provide skills development and
 training, including scholarships to
 in-state educational institutions or
 to online learning entities when
 in-state options are not available,
 for jobs created or retained.
 In District: Small Public $100K
 Capital Infrastructure and
 Equipment, for example
 (Downtown Plan pp. 6 and 7)
 - Parking meters 197 (1)(A)(1)(a)
 - Vehicles for Public Services 21, 36 to 44
 Dept. (formerly Public Works
 Dept.), and Fire Dept., including
 ambulances
 In District: Relocation of (see TIF 1(A)(6) Not budgeted/not
 Displaced Persons (TIF application, p. anticipated at time
 Application, p. 6) 6) of TIF application
 In District: CEAs as Approved (see TIF (1)(A) Unknown at time
 by City Council (TIF application p. 2) of TIF application
 application p. 2)

Total Estimate of TIF Revenue $2019,900,000
Expenditure over 30 year term:
*This item is not unique to this TIF District, it is also included in the Bayside TIF District,
Waterfront TIF District, and Riverwalk TIF District.

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 8/22/2018 PROPOSED WATERFRONT TIF DISTRICT CITY INVESTMENT OPTIONS
 AMENDMENTS

 B. The Projects

 The projects to be undertaken are derived from the recommendations of the Task Force II
 Report which are:

 1. Encourage private and public waterfront investments;
 2. Provide support to maintain a working waterfront;
 3. Support clean, working harbor.

 Generally, the activities to be undertaken and the approximate cost associated with each
 activity are described in Table 1 below.

 TABLE 1

 Note 1: All citations refer to Title 30-A, chapter 206, Section 5225

 Project Statutory Estimated Cost
 Citation
 In District: Capital Infrastructure Investments and
 financing costs, for example:
 Pier and Wharf Structural Repair (1)(A) $3,200,000
 Local Match for Ocean Gateway Project (1)(A) $1,000,000
 Street Studies and Improvements (Remedy Traffic (1)(A) $5,000,000
 Congestion) (1)(A)
 Pedestrian and Multi-Modal Circulation and Amenity (1)(A) $750,000
 Improvements
 Dredging $10,000,000
 New Publicly Owned Pier (1)(A) $4,000,000
 Multi-Modal Surface and Structured Parking
 Credit Enhancement Agreements (1)(A) Per Each
 Individual CEA
 In and out of District: Project
 (a) Funding the (1)(A) and (C)(1)
a) City Economic Development Department, including prorated $50,000 Annually
 salaries of City Manager, Finance, and Planning Urban effective 7/1/2010
 Development Director and Planning staff;Staff for 22 years, or
b) (b) Workforce training funds. Costs of services and (1)(C)(4) $1,100,000 total.
 equipment to provide skills development and training,
 including scholarships to in-state educational institutions or
 to online learning entities when in-state options are not
 available, for jobs created or retained, of value to marine
 industry;
c) (c) Costs of funding economic development programs or (1)(C)(1) T/B/D
 events; and,
d) (d) Costs of funding environmental improvements projects (1)(C)(2) T/B/D



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 8/22/2018 PROPOSED WATERFRONT TIF DISTRICT CITY INVESTMENT OPTIONS
 AMENDMENTS

 for commercial use, including sea level adaptation studies
 and infrastructure improvements; and T/B/D
e) (e) Professional services costs..
 (f) Dredging sediment disposal T/B/D
 Total Estimate of TIF Revenue Expenditure over 30-year $212,050,000 –
 term: excluding CEA
 Projects

 The City recognizes that the full scope of the needs of the Waterfront Economic
 Redevelopment Program is beyond the funds anticipated to be generated through the five
 Original TIF Districts described in the Original Development Program and the three
 Added TIF District Properties of 2018. Since the Original Development Program, this
 Amended Development Program, and the three Added TIF District Properties of 2018 will
 serve as the template for future TIF District applications, however, the City again seeks
 authorization for the full “menu” of economic development activities described above.
 This is necessary to maintain flexibility and adaptability as the needs of the waterfront are
 prioritized throughout the life of this Amended Development Program.

 Pier and Wharf Structural Repair

 The waterfront infrastructure needs are considerable. The Task Force II Report
 estimates the need for $1.4 million in repairs to 14 wharves within three years, with an
 additional $1.8 million needed over the next 20 years.

 Local Match for Ocean Gateway Project

 The voters of the State of Maine approved an allocation of roughly $15 million for the
 construction of a marine passenger facility, requiring a local match of nearly $1 million.

 Street Improvements (Remedy Traffic Congestion)

 With the development of the Ocean Gateway facility, significant transportation
 improvements will be required to accommodate the increased traffic on the street
 network along and around the waterfront, with particular emphasis on Franklin Arterial,
 Commercial Street and India Street.

 Pedestrian Circulation and Amenity Improvements

 Invest in pedestrian and multi-modal infrastructure to support the working waterfront
 and improve public access to the waterfront.

 Dredging

 This recommendation recognizes the environmental and financial burdens caused by
 combined sewer overflows and storm water pipes that discharge into the harbor. The
 cost associated with disposing the contaminated dredge material jumps to more than


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 Parcel Address
  Legend Map ID Common Name
 400 West Commercial,
 1 Portland Yacht Services
 Potential Expansion of Growth Area
 2 IMT Cold Storage Site
 Current TIF Districts and Growth Areas 3 "Angelo's Acre"
 Dasco Development,
 4 Rufus Deering Site
 Potential Property for TIF District Inclusion 5 Portland Fish Pier Lot #1
 6 60 Portland Pier
 7 Shipyard Brewery
 Pier Infrastructure 100 Fore St
 8 Hamilton Marine Site
 58 Fore St, Portland
 9 Foreside
 Public Roadway 10 Thames St Lot, Phase II
 Ocean Gateway Land,
 11 Parking and Queuing
 Portland Ocean Terminal
 12 and the Maine State Pier
 13 New Pier
 14 Ocean Gateway Pier
 West Commercial St
 Commericial St

 #7
 15 Thames St Corridor


 #8 #10
 #15 #15
 #15
 #4 #9
 #3 #11
 #5
 #1
 #6 #13 #14
 #2
 #12

 Portland Waterfront TIF Program F T
 Potential Expansion RA D
Map produced by the City of Portland Economic Development Department. Intended for discussion purposes only.
Boundaries and area calculations are estemates and require validation prior to implementation. Do not use for valuation.
August 2018


2,500 1,250 0 2,500 Feet

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 FY19 Budget Challenges (January 2018
 B. O'Connell Handout at 9/4/2018 EDC Meeting




 Workshop Presentation Revisited)
◦ State of Maine Valuation – City of Portland
◦ $8.50B for 2017, rose to over $9.0B in 2018 (6.45% increase)
◦ State of Maine Valuation has several impacts on City budget

◦ Impact #1 – Cumberland County Tax Assessment will increase
◦ Portland’s share of county tax increasing from 20.17% to 20.55%
◦ Cumberland County Total FY19 Tax rising to $30.6M (4.5% increase)
◦ Portland’s overall estimated increase is $381k (6.5% increase)

◦ Equates to an 5 cent increase in FY19 tax levy (0.23%)

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  FY19 Budget Challenges (January 2018
 B. O'Connell Handout at 9/4/2018 EDC Meeting




  Workshop Presentation Revisited)
◦ State of Maine Valuation – City of Portland
◦ $8.50B for 2017, rising to $9.05B in 2018 (6.45% increase)
◦ State of Maine Valuation has several impacts on City budget

◦ Impact #2 – School Educational Subsidy
◦ Impact / EPS estimates typically calculated by PPS staff
◦ Assuming everything else remained constant, decrease in PPS
  educational subsidy estimated to be $4M due to valuation only
◦ Actual change in FY19 funding still unknown – many factors to be
  considered including formula changes and additional State funds

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  FY19 Budget Challenges (January 2018
 B. O'Connell Handout at 9/4/2018 EDC Meeting




  Workshop Presentation Revisited)
◦State of Maine Valuation – City of Portland
◦$8.50B for 2017, rising to $9.05B in 2018 (6.45% increase)
◦State of Maine Valuation has several impacts on City budget

◦Impact #3 – State Revenue Sharing Formula
◦Impact #4 – Portland Water District Assessment


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 Illustrative Example: Impact of $500M of TIF
 B. O'Connell Handout at 9/4/2018 EDC Meeting




 Sheltering on Budget Items – County Tax
 No TIF TIF
 Beginning Assessed Value (A) $9,049,500,000 $9,049,500,000

 Increases in TIF Assessed Value (B) $500,000,000 $500,000,000
 TIF Capture Rate 0% 100%
 Sheltered Property Value (C) $0 $500,000,000

 New City Taxable Valuation (A+B-C) $9,549,500,000 $9,049,500,000

 Total Cumberland County Tax (2018) 30,612,625
 Portland % of Cumberland County Tax* 21.68% 20.54%
 Portland Share of Cumberland County Tax* $ 6,636,389 $ 6,288,916
 Total TIF Sheltering Savings - County Tax* 347,473
 Total TIF Sheltering Savings to Mil Rate $ 0.04

*Note: Examples above assumes a $500M increase in Portland valuation only to isolate the impact from a non-sheltered increase in valuation. There are many other variables which would impact each of these example. Most notably, they each would be impacted by changes in
the valuations within other municipalities. The Revenue Sharing and State Educational Subsidy examples are each subject to formulas which have many variables outside of valuation (although valuation is the Maine driver of each). These examples are for illustrative purposes
only in an attempt to illustrate the impact of sheltering and are not to be used for budgeting purposes.

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 B. O'Connell Handout at 9/4/2018 EDC Meeting




 Illustrative Example: Impact of $500M of TIF
 Sheltering on Budget Items – Revenue Sharing
 No TIF TIF
 Beginning Assessed Value (A) $9,049,500,000 $9,049,500,000

 Increases in TIF Assessed Value (B) $500,000,000 $500,000,000
 TIF Capture Rate 0% 100%
 Sheltered Property Value (C) $0 $500,000,000

 New City Taxable Valuation (A+B-C) $9,549,500,000 $9,049,500,000

 Revenue Sharing* $ 3,852,071 $ 4,064,904
 Total TIF Sheltering Savings - Revenue Sharing * 212,833

 Total TIF Sheltering Savings - Impact to Mil Rate $ 0.03


*Note: Examples above assumes a $500M increase in Portland valuation only to isolate the impact from a non-sheltered increase in valuation. There are many other variables which would impact each of these example. Most notably, they each would be impacted by changes in
the valuations within other municipalities. The Revenue Sharing and State Educational Subsidy examples are each subject to formulas which have many variables outside of valuation (although valuation is the Maine driver of each). These examples are for illustrative purposes
only in an attempt to illustrate the impact of sheltering and are not to be used for budgeting purposes.

 5 of 6
 B. O'Connell Handout at 9/4/2018 EDC Meeting




 Illustrative Example: Impact of $500M of TIF
 Sheltering on Budget Items – School EPS Subsidy
 No TIF TIF
 Beginning Assessed Value (A) $9,049,500,000 $9,049,500,000


 Increases in TIF Assessed Value (B) $500,000,000 $500,000,000
 TIF Capture Rate 0% 100%
 Sheltered Property Value (C) $0 $500,000,000


 New City Taxable Valuation (A+B-C) $9,549,500,000 $9,049,500,000


 State Educational Subsidy* $ 16,091,694 $ 16,980,788
 Total Estimated Revenue Sharing Savings* 889,093

 Total TIF Sheltering Savings - Impact to Mil Rate $ 0.11
*Note: Examples above assumes a $500M increase in Portland valuation only to isolate the impact from a non-sheltered increase in valuation. There are many other variables which would impact each of these example. Most notably, they each would be impacted by changes in
the valuations within other municipalities. The Revenue Sharing and State Educational Subsidy examples are each subject to formulas which have many variables outside of valuation (although valuation is the Maine driver of each). These examples are for illustrative purposes
only in an attempt to illustrate the impact of sheltering and are not to be used for budgeting purposes.

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 Tax Increment Financing

Fiscal Year End (FYE) 2018 Annual Report
 (July 1, 2017 through June 30, 2018)

 Prepared by the Economic Development Department

 (Report prepared 8/2018)




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 Table of Contents

1. Introduction ................................................................................................................... 3

2. Definitions ..................................................................................................................... 3

3. Revised TIF Policy Adopted by City Council on November 20, 2017……………….. 4

4. Tax Increment Financing Overview and Value ............................................................ 4

5. TIF District Approval Process ..................................................................................... 5

6. City Council Action During FY2018 ............................................................................ 6

7. Statutory Limitations for TIF Districts ......................................................................... 6

8. Tax Sheltering Benefits ................................................................................................. 7

9. TIF Districts in Portland ............................................................................................... 7

10. TIF District Financial Overview for Fiscal Year End 2018 .......................................... 9

11. Example of a Performing TIF ..................................................................................... 11

12. Strategies and Recommendations to Optimize use of TIF Districts ........................... 12

13. Summary ..................................................................................................................... 12

Appendix:
 a. TIF Policy Adopted November 20, 2017
 b. Summary of All Approved TIF Districts
 c. Map Highlighting Current TIF Districts
 d. Spreadsheet Showing Individual TIF Districts and Area Wide Amounts




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1. Introduction

 City TIF Policy requires an annual report, to the City Council Committee and full City
 Council, regarding TIF District activity. This Report provides an overview of the TIF District
 Program, Portland’s utilization of TIF Districts to date, and TIF District financial value
 impacts.

2. Definitions

 Commonly used terms, included in this Report, include:

 “Captured Assessed Value” means increased assessed value retained in a TIF District each
 year during its term.

 “Credit Enhancement Agreement (CEA)” means the agreement between the City and the site
 specific TIF District Developer whereby it includes the terms under which the City will
 provide a portion of the Retained Tax Increment Revenue back to the Developer.

 “Current Assessed Value” means the then current assessed value of the property located in the
 TIF District to be determined by the City Assessor as of April 1 of each year during the term of
 the District.

 “District” means that portion of property depicted on a map to apply to the TIF.

 “Increased Assessed Value (IAV) ” means the valuation amount by which the Current
 Assessed Value exceeds the Original Assessed Value (OAV). If the Current Assessed Value is
 less than or equal to the OAV, there is no Increased Assessed Value in that year.

 “Infrastructure” is defined, but not limited to: traffic upgrades, public parking facilities,
 roadway improvements, lighting, sidewalks, water and sewer utilities, storm water
 management improvements, and placing above ground overhead electric and
 telecommunications lines underground.

 “Non-Captured Value (NCV)” means the value over and above the OAV (defined below) that
 is not captured by TIF percentage capture rates, with associated taxes from NCV returned to
 the General Fund.

 “Original Assessed Value (OAV)” means the assessed value of the property in the TIF District
 as of March 31 of the year that it was created. For instance, if a TIF District was approved as
 of the date of this report, or November 2017, the OAV would be the assessed value of the
 property on March 31, 2017. All taxes from the OAV go into the City’s General Fund for any
 City use.

 “Property Taxes” means any and all ad valorem property taxes levied, charged or assessed
 against the property by the City or on its behalf and actually paid to the City, but excluding any
 county, state, or special District taxes that are separately levied, charged, or assessed against
 the property.
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 “Retained Tax Increment Revenues” means that portion of the Property Taxes paid with
 respect to the Captured Assessed Value.

 “Tax Year” means April 1 to March 31.

3. Revised TIF Policy Adopted by City Council on November 20, 2017

 Pursuant to City Council Order 61 passed September 19, 2016, the City Council referred to
 the Economic Development Committee (EDC) consideration of amendments to the current
 TIF policy, including, but not limited to provisions for:

 A. Local Hire;
 B. Ethnic and Gender Diversity;
 C. Economically Disadvantaged Participation;
 D. Veteran Preference;
 E. Adherence to State or Federal Prevailing Wages; and,
 F. Participation in a Job Training or Apprenticeship Program.

 The Order further requested the EDC report their findings and recommendation on amending
 the current TIF Policy to the City Council.

 The EDC began its review for possible amendments to the TIF policy in April 2017.
 On November 20, 2017, the City Council reviewed the EDC’s recommendation and adopted
 revised City Tax Increment Financing (TIF) Policy (Item A in Appendix) in support of both
 private development projects and public investment in municipal economic development
 programs and infrastructure investment. Revised City Policy includes:

 A. Addition of State prevailing wage requirements in the construction phase of a
 TIF CEA;

 B. Equal employment opportunities and nondiscrimination;

 C. Increasing the capture rate and the term for affordable housing projects; and,

 D. Housekeeping amendments.

 The EDC also recommended that the City look into establishing and sponsoring a Workforce
 Job Training program to be funded by area-wide TIF Districts, as well as having the City
 Manager and/or his/her designee undertake an analysis of the costs associated with the City
 undertaking an Employment Disparity Study.

4. Tax Increment Financing Overview and Value

 Tax Increment Financing (TIF) is the most flexible economic development program available
 to municipalities. TIFs support municipal investment, as well as can be associated with private
 sector or affordable housing investment. TIFs are flexible municipal financing tools to fund
 the following types of activities to support public and private sector investment:
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  public infrastructure projects;
  economic development programs, including municipal marketing and staff; and,
  support of individual private commercial and affordable housing project financing
 needs.

 The three property tax components associated with TIF Districts include:

 A. New Property Taxes. TIF revenue is generated from new increased municipal assessed
 value and associated new property taxes. TIFs can be established for up to thirty (30)
 years and new or “captured assessed value” in the TIF District can range from 1% to
 100% of the amount of new property taxes.

 B. Original Assessed Property Value (OAV). The taxes from property base or “Original
 Assessed Value” reverts to the municipal general fund and is not captured in a TIF
 District.

 C. Flow of TIF CEA Funds: The flow of taxes to return to the developer through a CEA
 is as follows.

 i. The City sends its yearly tax bills for payments due in September and March of
 each fiscal year;

 ii. Developer pays the taxes;

 iii. In April and May of each year, for each CEA, a check is made to be sure the
 Developer’s taxes are current. If current, the Economic Development
 Department proceeds to process that fiscal year TIF payment to return a portion
 of the taxes to the developer according to the CEA. If not current, the
 Economic Development Department will not move forward with the payment
 until current.

5. TIF District Approval Process

 There is a three step process to approve establishment of a TIF District. The three steps
 include:

 A. Economic Development Committee recommendation for approval to the City Council
 for commercial TIFs, or Housing Committee for affordable housing TIFs;

 B. City Council approval; and,

 C. State of Maine Department of Economic Development Department approval for
 commercial TIF districts or Maine State Housing Authority approval for affordable
 housing TIF Districts.




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6. City Council Actions During FY2018:

 The City Council passed five items relating to TIFs, specifically:

 A. As noted in Section 2, the City Council adopted a revised TIF Policy, which is
 attached hereto as Appendix A.

 B. The Downtown Transit Oriented Development (TOD) and TIF District was amended
 to take out a property from the District, 58 Boyd Street, so that that property could
 then be its own freestanding Affordable Housing TIF District.

 C. Approved an Affordable Housing TIF District for 58 Boyd Street for a term of 30
 years (FY2019 through FY2048), with 50% capture to the Developer and 50% into
 the City’s General Fund. This District supports the development of a 55 unit, mixed
 income, multi-family rental apartment building. TIF revenues will be used by
 Developer to pay for operating costs for the project.

 D. Approved an Affordable Housing TIF District for Deering Place, located at 61
 Deering Street and 510 Cumberland Avenue, for a term of 30 years (FY2019
 through FY2048), with 75% capture to the Developer and 25% into the City’s
 General Fund. This Affordable Housing TIF District supports the development of
 75 units of residential rental housing. TIF revenues will be used by Developer to
 pay for operating costs for the project.

 E. Approved adding parcels to the Waterfront TIF District as there are two projects
 under construction in the District that would provide additional TIF revenue,
 approximately $490,000 annually, as well as additional tax sheltering savings at
 approximately $145,000 annually. Those projects are the WEX office construction
 project at Hancock and Thames Streets, and the mixed use development at Union
 Wharf which includes office, restaurants, food court, and open market.

7. Statutory Limits for TIF Districts

 There are two State statutory limitations which include:

 A. Acreage: No single TIF District, including Affordable Housing Districts, can be larger
 than 2% of a municipality’s total acreage, or in the case of Portland, 2% of Portland’s
 12,386 acres is 247 acres. Also, all active TIF Districts have to be less than 5% of a
 municipality’s total acreage, or in the case of Portland, 5% is 619 acres. Based upon
 active TIF Districts, including Affordable Housing TIF Districts, as of FYE2018,
 Portland has the ability to include 466 additional acres in TIF Districts.

 B. Value:

 i. Commercial/Area Wide TIF Districts: The OAV of all these TIF Districts in a
 municipality cannot be more than 5% of its total aggregate value (FY18
 aggregate value: $9,049,500,000), or in the case of Portland, 5% is
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 $452,475,000. Based upon active TIF Districts as of FYE2018, Portland has the
 ability to include an additional $318.5 Million of property value in TIF Districts.

 ii. Affordable Housing TIF Districts: The OAV of all Affordable Housing TIF
 Districts cannot be more than 5% of the total aggregate value (FY18 aggregate
 value: $9,049,500,000), or in the case of Portland, 5% is $452,475,000. Based
 upon active Affordable Housing Districts as of FYE2018, Portland has the ability
 to include an additional $450.6 Million of property value in Affordable Housing
 TIF Districts.

 It is noted that the amount of acreage and value to include in TIF Districts fluctuates as TIF
 districts are created, expired, and/or terminated.

 There are exemptions from State limitations for Transit Oriented Development (TOD) and
 Downtown TIF Districts, for which Portland now has two: Thompson’s Point TOD TIF, and
 the Downtown TOD and Omnibus TIF.

8. Tax Sheltering Benefits

 Municipalities realize “savings” from the tax sheltering effect of TIF Districts. The following
 direct financial impacts occur when municipal valuation increases:

 A. State Education Aid is reduced,
 B. State Municipal Revenue Sharing is reduced, and
 C. A municipality pays a higher percentage of the County budget.

 This amount of “savings” is significant and one of the most important benefits of
 establishing TIF Districts.

 For Portland, tax shelter savings is conservatively estimated at 30%, meaning that for every
 new tax dollar, Portland saves 30 cents which would otherwise be lost for property tax value
 not included in a TIF district. Portland’s estimated total tax shelter savings for all active TIF
 Districts is just over $1.2 Million for FYE2018.

9. TIF Districts in Portland

 A listing of all approved TIF Districts as of FYE2018 is provided as Item B in the Report
 Appendix. This listing includes four expired TIF Districts – Auto Europe, Shipyard Brewery,
 Nichols Portland, and UNUM. It is noted that FYE2018 also ends the Credit Enhancement
 Agreement for the Bayside Student Housing project, with FY2018 being the last year of TIF
 payments. This listing also includes two TIF Districts which were terminated by the City
 Council during FY15 – those being the Village at Oceangate (Bay House), and the Fore India
 Middle LLC TIF District.

 It is noted that after expiration and termination of the above TIF Districts, 100% of their
 property tax revenue reverts to the City’s General Fund.



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Also, this listing provides the following information for each TIF District:

 A. TIF District duration;
 B. percentages of taxes allocated to the Recipient/Developer, City, and General Fund;
 C. TIF District location; and
 D. brief description.

Item C in the Appendix provides a map showing the location for each active TIF District.

A listing of approved active individual site specific TIF Districts, area-wide TIF Districts,
Downtown TOD TIF, Thompson’s Point TOD TIF, non-active TIF Districts, and terminated
TIF Districts by name are provided below.

Active Approved Individual Site Specific TIF Districts

As of FYE2018, the City has twelve, single site active TIF Districts with associated CEAs,
namely:

  Holt Hall
  Riverwalk/Ocean Gateway
  PowerPay/Portland Public Market
  Baxter Library
  McAuley Place
  ImmuCell
  Avesta/Pearl Place Affordable Housing TIF
  409 Cumberland Avenue Affordable Housing TIF
  134 Washington Avenue Affordable Housing TIF
  17 Carleton Street Affordable Housing TIF
  Deering Place Affordable Housing TIF
  58 Boyd Street Affordable Housing TIF

Active Approved Area Wide TIF Districts and Associated CEAs

The City has two active area wide TIF Districts, for which the City retains a portion of the TIF
funds for public infrastructure projects, with a portion of the TIF funds targeted to CEAs
within those Districts, namely:

  Bayside
 o Capital LLC CEA
 o Bayside Student Housing CEA (expires FY2018)
  Waterfront
 o Waterfront Maine CEA




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 Approved Downtown and/or Transit-Oriented Development (TOD) TIF Districts

  Downtown TOD TIF

 The City retains a portion of the TIF funds for public infrastructure, Creative Portland,
 and transit projects for the Downtown TOD TIF. This Downtown TOD TIF was
 approved during FY2015 and was activated with FY2016. There is no CEA associated
 with it at this time.

  Thompson’s Point TOD TIF and CEA

 For the Thompson’s Point TOD TIF, the City retains a portion of TIF Funds for transit
 projects. This TOD TIF also has an associated CEA with Thompson’s Point
 Development Company, Inc. for development of Thompson’s Point.

 Terminated TIF Districts

 The City Council has terminated two TIF Districts, namely:

  Fore India Middle LLC – This TIF project had not come to fruition and, therefore,
 was terminated by the City Council in November 2014; and,

  The Village at Oceangate, LLC (Bay House) – This TIF District was also
 terminated by the City Council in November 2014 due to this District’s use being
 converted into residential condominiums which is not an allowable TIF District use.

 Three TIF Credit Enhancement Agreements to Expire at the end of FY2019

 It is noted that three TIF CEAs will expire at the end of FY2019, namely:

  Holt Hall
  Baxter Library
  Riverwalk/Ocean Gateway

10. TIF District Financial Overview for FYE2018, including FY2014, FY15, FY16, and FY17:

 See below for financial comparison of FYE2017, FYE2016, FYE2015, FYE2014, and FY2013
 for then active TIF Districts:




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 FYE2014 FYE2015 FYE2016 FYE2017 FYE2018

City General Fund-Taxes $22.8 $23.38 $23.98
from OAV $6.1 Million $6.3 Million Million Million Million
City General Fund-Taxes
from Non-Captured Value $341,000 $720,000 $2.4 Million $2.2 Million $3.6 Million


Total TIF Taxes From $1.8 Million $2.09
Captured Value $3.5 Million $3.2 Million Million $2.7 Million
 $1 Million $1.08 $1.187
 - TIF Taxes to CEAs $2.0 Million $2.0 Million Million Million

 - TIF Taxes to Public $.8 Million $1.01 $1.54
Infrastructure/Arts/Staff $1.5 Million $1.2 Million Million Million


 $87 Million $99.6
Total Tax Sheltering Value $180 Million $160 Million Million $126 Million

Estimated Annual Average $.7 Million $.831
Tax Sheltering Savings $1.6 Million $1.3 Million Million $1.2 Million


 Table Explanations:

 City General Fund-Taxes from OAV - The above table shows a yearly increase in taxes from
 the OAV into the General Fund. For FYE 2014 and FYE2015, this is based on increases in tax
 rates. FYE2016’s higher increase is due to the Downtown TOD TIF Activation, where the
 OAV is just under $1 Billion, and associated taxes with that OAV at $20 Million. As noted
 earlier in the definition section, all taxes from the OAVs go to the General Fund.

 City General Fund-Taxes from Non-Captured Value – The number fluctuates based on each
 CEA, as well as the City’s budget needs for public infrastructure/Economic Development
 Department staff salaries/debt service. The captured value percentages for the area wide TIF
 Districts - Bayside and Waterfront - are adjusted yearly based on those needs. The captured
 value percentage for the Downtown TOD TIF was set at 12% for the first year (FY2016) and
 then set at 22% for years 2 through 30. The decrease in this table for FYE2017 is due to
 capturing 22% from the Downtown TOD TIF and having the remaining non-captured 78% go
 into the General Fund. The increase for FYE2018 of $1.4 Million is due to an IAV in the
 Downtown TOD TIF and area wide TIF Districts increasing by over $52 Million over
 FYE2017, and the Ocean Gateway/Riverwalk IAV increasing by over $9 Million and
 associated capture percentages for each district. Non-captured increased assessed value taxes
 flow into the General Fund.


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 Total TIF Taxes From Captured Value – The percentage of captured value varies yearly based
 on CEAs and the City’s financial needs. This TIF Revenue is then allotted to the various
 CEAs, and then to the City public infrastructure projects/arts/staff investments.

 Total Tax Sheltering Value – This number represents the total percentage of the increased
 assessed of value (IAV) all TIF Districts that has been captured. It is noted that the captured
 value percentage for area TIFs is adjusted yearly based on City use of TIF funds needed for
 public infrastructure projects, staff, as well as debt service for payment of the Bayside HUD
 loan and for Ocean Gateway associated debt expenses.

 Estimated Tax Sheltering Savings – This number increased by just over $37K from FYE2017.
 This is due to the IAVs and associated capture percentages.

 Appendix D is a spreadsheet showing the FYE 2018 TIF Districts funding allocation and
individual CEA annual payments.

11. Example of a Performing TIF

 An example will be provided annually.

 Performing TIF District: Baxter Library LLC

 Duration: 9 year term (FY11 through FY19)
 Percentages: Lesser of annual 65% to return to Developer or amount necessary to service
 project debt; 35% to General Fund.
 Location: 621 Congress Street

 The City entered into the CEA in order to assist with the reuse, redevelopment, and
 preservation of a hallmark downtown building built in 1888, where adaptive reuse of this
 former library was challenging and expensive to support the relocation and retention of the
 The VIA Group. With over $4 Million invested by the Developer, this Project added $2.5
 Million (which was estimated in new value when approved) in new municipal assessed
 commercial valuation and generates an average of $14,000 annually, in funds, for the City’s
 General Fund. The reuse of this building accommodated the relocation of The VIA Group,
 retaining its 64 employees to this upper Congress Street area of downtown Portland, with
 anticipated creation of an additional 30 jobs within the next 5 years.

 This CEA was originally in the Creative Portland Development and Arts (CPDA) TIF
 District from its inception in FY11. The CPDA TIF District was then reduced and renamed
 the Baxter Library TIF District by the Council in January 2015, and subsequently approved
 the MDECD June 2015.

 It is noted that the CPDA TIF District geography, minus the Baxter Library TIF, was
 included in the Downtown TOD TIF beginning with FY16.




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 The subsequent investment and increases in assessed value is as follows:

 Assessed Values Real Estate Total Value
 OAV 4/1/2007 $0 $0
 4/1/2010 $1,240,800 $1,248,800
 4/1/2012 $2,502,600 $2,502,600
 4/1/2017 $2,502,600 $2,502,600

 Through the life of this District, through FY19, the Developer will realize just over $273,000
 in TIF revenue funds, and the City will realize approximately $155,500 in General Fund
 revenue from the project. With the expiration of this TIF District in FY19, beginning with
 FY20, the City will realize 100% of real estate taxes from this project into the General Fund,
 or approximately $55,000 in FY20.

 This TIF District provided economic stability in this area of the downtown, providing
 economic vitality which has resulted in an economic boost to that upper area of Congress
 Street.

12. Strategies and Recommendations to Optimize use of TIF Districts

  Future public infrastructure investment and staff expenses. Align the City’s future
 Capital Improvement Program investments, including public utility and transportation
 investment, staff expenses; and,

  Future Growth Areas. Decide where the City wants to direct investment by location
 and type (i.e. commercial and affordable housing).

13. Summary

TIF CEAs are driven by development occurring and increasing the assessed value. With no
development, the assessed value remains the same and no TIF dollars are returned to the
developer. On the other hand, when the development moves forward and the assessed value
increases, that is when TIF dollars can be returned to the Developer. It is performance based.




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 Appendix A




 PORTLAND TIF POLICY
 November 20, 2017


 I. INTRODUCTION

Tax Increment Financing (TIF) is an economic development program authorized under state law
to support municipal projects. The TIF program allows municipalities to provide financial
assistance to local economic development projects and programs – from infrastructure,
municipal economic development programs and staff, to business expansions - by using new
property taxes that result from new commercial or residential investment associated with the
corresponding increase in property value.

Portland TIF Policy supports investment in municipal economic development programs,
infrastructure investment (which is generally through the establishment of area wide or
neighborhood TIF districts) and individual project site specific TIF districts to support either
infrastructure or individual private project financing needs.

The City is committed to invest in infrastructure located within the public rights-of-way that
encourage economic development. Use of TIF investment to invest in infrastructure recognizes
the savings which occurs through the TIF Program tax sheltering benefits.

“Infrastructure” is defined, but not limited to: traffic upgrades, public parking facilities, roadway
improvements, lighting, sidewalks, water and sewer utilities, storm water management improvements
and placing above ground overhead electric and telecommunications lines underground.

 II. STATE TIF LIMITATION

There are acreage and value caps limitations for municipalities to establish TIF along with term
limits. Term limits include bonds which may be issued for a maximum of 20 years (anticipation
notes for three years). TIF districts may be designated for a maximum of 30 years.

 III. PURPOSE

The primary purposes of the TIF Policy include:

 A. To support Portland Economic Development and Housing Plans and Policies;
 B. To stimulate expansion of the City’s commercial and industrial tax base;
 C. To stimulate new affordable and market rate housing investment;
 D. To retain and create quality employment;
 E. To support Portland’s Capital Improvement Plan; and,
 F. To establish standards upon which the City Council will authorize TIF.


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 IV. GENERAL PRINICPLES

The three primary general principles for the City Council to establish TIF districts include:

 A. Investment

 Minimum Real Property Investment. A minimum of $1 million in new taxable
 investment property value for commercial and industrial development and $500,000 for
 affordable housing development is needed to qualify for a TIF. This is the minimum
 amount which makes practical sense to consider use of the TIF program due to the
 amount of new municipal property tax revenue generated from new private investment.

 B. Jobs Associated with Commercial and Industrial Development

 Applicants for TIF participation will be required to provide a plan outlining the number
 and quality of jobs retained or created associated with each TIF district. While there is
 not a specific formula for the numbers of jobs associated with the amount of TIF
 financial assistance, the number and quality of the jobs will be taken into consideration
 for each TIF district. It is recognized that housing projects do not create many
 permanent jobs.

 C. Maximize Tax Sheltering Benefits

 A municipality’s total equalized assessed value is used to calculate General Purpose Aid
 to Education (subsidy), State Revenue Sharing (subsidy) and County taxes (expense).
 When a municipality’s equalized assessed value increases, State Aid for Education
 decreases, municipal revenue sharing decreases, and the municipality pays a greater
 portion of County taxes. TIF allows municipalities to “shelter” new value resulting from
 private investment from the calculation of its State subsidies (education and revenue
 sharing) and County taxes. In other words, specific municipal shelter benefits, for the
 term of the TIF, include:

 1) No reduction in State aid for education,
 2) No reduction in municipal revenue sharing and
 3) No increase in County taxes.


 Annually, the Council Committee with jurisdiction over housing and community
 development and City Council will evaluate available TIF district capacity related to State
 acreage and value limitations to determine whether existing TIF districts need amending
 and/or new TIF district establishment. Scheduled public infrastructure investments
 included in the City’s Capital Improvement Plan will inform decisions about adjustments
 to existing TIF districts or establishment of new TIF districts.


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V. APPROACH, POLICY, and TERM REQUIREMENTS

 Must meet or exceed the below requirements.

 A. Approach

 There are three approaches to consider establishing TIF districts. They include:

 1) Municipal Economic Development Programs funded directly through a pay-as-
 you-go approach.

 Examples of municipal economic development programs include paying for
 economic development staff, annual funding to Creative Portland for city
 marketing/branding, and other TIF law allowable activities.

 2) Area wide TIF districts financed by City Bond/Debt Issuance

 Issuance of municipal general obligation bonds or limited obligation bonds is a
 mechanism that may be used to fund a TIF district program. Allowable uses are
 spelled out in state TIF law. Generally, municipalities will issue debt to cover the
 cost of infrastructure investment.

 3) Individual Site Specific TIF districts utilizing Credit Enhancement Agreements
 (CEAs)

 A CEA is a contract between a municipality and developer to assist an individual
 development project by using a percentage or all of the tax revenue generated
 by the investment to pay certain authorized project costs which could include
 site specific infrastructure or private individual project financing needs.
 Allowable project costs are spelled out in state TIF law.

 B. Policy for the Three Approaches

 1. Policy for Municipal Economic Development Programs.

 Requires annual review and City Council financial appropriations.

 2. Policy for Area wide TIF District Locations (for City Bond/Debt Issuance)
 a) Area wide TIF will be established for infrastructure investment which has applications
 beyond one individual project.

 b) City TIF emphasis will be placed upon the following general “Priority Revitalization
 Areas” to support commercial development, housing development, redevelopment,
 or to support buildings in need to redevelopment, address blight or historic
 preservation:


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 o Affordable housing projects off peninsula;
 o Riverside Street commercial and industrial zoned areas;
 o Forest Avenue corridor from I-295 to Woodfords Corner;
 o Washington Avenue corridor from Congress Street to I-295;
 o Portland Technology Park ;
 o Areas in which future significant wastewater and/or stormwater
 infrastructure investments are planned;
 o West Commercial Street vacant property;
 o Libbytown;
 o St. Johns Street Valley;
 o Other areas based upon scheduled public infrastructure
 investment included in the City’s Capital Improvement Plan.

 The above list of general priority revitalization areas serve as guides to
 establish specific boundaries for TIF districts at time of district
 establishment.

 c) Market Rate Housing. Market rate rental housing projects must be located
 in priority revitalization areas to stimulate housing investment for the
 purpose of attracting 24/7 pedestrian activity. Pursuant to State Law, TIF
 for condominium projects are not allowed.

 d) Affordable Housing. Affordable Housing TIF (AHTIF) may be designated on
 an area wide or site specific basis.

 The relevant City Council Committee will complete an annual assessment
 of housing needs and priorities. This assessment will include a
 determination regarding designation of an area wide AHTIF. Site specific
 AHTIF requests submitted by developers will be considered on a case-by-
 case basis. Area wide or site specific AHTIF designations must address an
 identified community need.

 State law requires that at least 25% of the district area must be suitable for
 residential use, development must be primarily residential, and at least 1/3
 of the units must be for households at or below 120% of area median
 income which allows for individual mixed income projects or area wide
 affordable housing TIF districts.

 Allowable uses of AHTIF revenues are defined by State law.

 e) City preference is to invest in area wide public infrastructure TIF districts
 versus establishing individual private site specific TIF districts.



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 f) Area wide TIF districts also should seek to maximize the benefit of
 downtown and transit oriented development (TOD) districts which are
 exempt from State TIF law for acreage and value limitations.

 g) Terms for area wide TIF districts will be considered for up to 100% of new
 tax revenue and upwards of thirty (30) years, the maximum allowed by
 State law, due to the long-term need to invest in neighborhood
 infrastructure.

  NOTE 1: As of this Amended TIF Policy date, there are two existing area wide TIF
  Districts, i.e., Bayside and Waterfront TIF Districts.

 NOTE 2: As of this Amended TIF Policy date, there also exists two Transit
  Oriented Development (TOD) District, namely the Thompson Point TOD TIF
  District and the Downtown TOD TIF District to support new or expanded transit
  services and improved transit connections between the Portland Transportation
  Center, Jetport and Downtown.

  3. Policy for Individual Site Specific TIF Districts Utilizing Credit Enhancement
  Agreements (CEAs)

  a) CEAs for individual site specific TIF districts will be considered for investment
 in infrastructure or project financing need and cannot be applied to any
 agreed upon public infrastructure improvements associated with a City
 Council approved conditional rezone agreement. Additional provisions
 related to CEAs include:

 i) City Green Building Code

 Compliance with the City’s Green Building Code is required when TIF
 assistance is provided to individual private project CEAs.

 ii) Affordable Housing

 Affordable Housing TIF (AHTIF) may be designated on an area wide or site
 specific basis. Developments are encouraged to promote economic
 diversity.

 The City Council Committee will complete an annual assessment of
 housing needs and priorities. This assessment will include a
 determination regarding designation of an area wide AHTIF. Site specific
 AHTIF requests submitted by developers will be considered on a case-by-
 case basis. Area wide or site specific AHTIF designations must address an
 identified community need.

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 State law requires that at least 25% of the district area must be suitable
 for residential use, development must be primarily residential, and at
 least 1/3 of the units must be for households at or below 120% of area
 median income which allows for individual mixed income projects or area
 wide AHTIF districts.

 Allowable uses of AHTIF revenues are defined by State law.

 (iii) State Prevailing Wage Requirement

 Any firms employed in the construction phase of a TIF-assisted project
 must compensate all employees the current wage rates and fringe
 benefits as required under applicable state prevailing wage law under 26
 M.R.S.A. §1306, or Portland City Ordinance Ch. 33, §33-1 to 33-12,
 whichever is greater.

 City staff shall provide to the relevant City Council Committee an annual
 update on:

 a) the impact of this prevailing wage requirements on CEAs;
 b) feasibility of construction firms to pay prevailing wages
 and benefits; and
 c) compliance with this section.

 (iv) Equal Employment Opportunities and Nondiscrimination

 The developer and its contractors employed in the construction phase of a
 TIF-assisted project shall adhere to a policy of non-discrimination in all
 employment actions, practices, policies, procedures, phases, and conditions
 of employment. All employment-related decisions (including but not limited
 to hiring, discharge, transfers, promotions, discipline, training, job
 opportunities, and wage and salary levels) will be made without
 discrimination based on an individual’s race or color, religion, age, sex
 (including pregnancy), sexual orientation, gender identity or expression,
 ancestry or national origin, physical or mental disability, veteran status,
 genetic information, previous assertion of a claim or right under Maine’s
 Workers’ Compensation Act, previous actions taken protected under Maine’s
 Whistleblowers’ Protection Act, or any other protected group status as
 defined by applicable law. Provisions in applicable laws providing for bona
 fide occupational qualifications, business necessity, or age limitations will be
 adhered to by the developer and its contractors where appropriate. This
 policy shall not be construed to prohibit any employment action or policy
 which is required by federal law, rule or executive order.

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 b) Applicants for CEA participation must demonstrate and pay the following:

 i) Financial Necessity.

 The applicant must demonstrate the City’s participation is financially
 necessary in order for the project to proceed.

 ii) Financial Capacity.

 The applicant must demonstrate financial capacity to support their
 project.

 iii) Fees

 A financial underwriting analysis will be conducted by a third party on
 all projects requesting CEA participation. Applicants for CEA assistance
 will be responsible for reimbursing the City for all project third party legal
 and financial underwriting costs.

C. Terms for CEA Projects

 1) Maximum Percentages.

 A maximum average percentage of 65% for the entire term associated with
 individual project CEA’s. Notwithstanding the previous sentence, the maximum
 average percentage for the entire term associated with individual project CEAs
 for affordable housing shall be 75%. For the purposes of this policy, the term
 affordable housing shall be defined as in “V. Approach, Policy, and Term
 Requirements” Section B(2)(d) (Affordable Housing) of the Portland TIF Policy.

 2) Maximum Number of Years.

 Up to twenty (20) years to match individual private sector commercial financing
 terms; for Affordable Housing projects, up to thirty (30) years. The term of a TIF
 may start upon agreed trigger event, such as an increased assessed value. This
 would be included in a CEA on that negotiated triggering event.

 3) Use of Maine Services for CEA Projects Encouraged.




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VI. TIF APPLICATION AND ADMINISTRATION PROCESS


A. Application Information and Contact.

 The Economic Development Department and the Housing and Community Development
 Division (for affordable housing projects) handle all TIF inquires and processes requests
 for TIF. An applicant must submit a letter to either the Economic Development
 Department for commercial projects or the Housing and Community Development
 Division for affordable housing projects outlining the proposed project, including TIF
 project financial information, a plan outlining both the number of permanent and
 construction jobs associated with the proposed project, as well as a demonstrated
 ability to meet the requirements under Section B(3)(a) of this policy.

B. Approval Process.

 There is a two step approval process which includes obtaining a recommendation from
 the City Council Committee and City Council approval. Two meetings (or readings) by
 the City Council are needed. The City Council vote on the TIF occurs at the second
 meeting.

C. Post-Construction Report to City Council.

 The Economic Development Department and the Housing and Community Development
 Division shall provide a post-construction report to the City Council Committee and City
 Council regarding each TIF-assisted project which shall include, but not be limited to, an
 analysis of the adherence to Section (V)(B)(3)(a) of this policy.

D. Annual Report to City Council.

 The Economic Development Department and the Housing and Community Development
 Division shall provide annual reports to the City Council Committee and City Council
 regarding TIF district activity.




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 Appendix B



 SUMMARY OF ALL APPROVED

 TAX INCREMENT FINANCING (TIF) DISTRICTS

 IN THE CITY OF PORTLAND A/O FYE2018 (June 30, 2018)


This provides an overview of tax increment financing districts (TIF’s) approved by the City
of Portland.

Please note that the City approved twenty-two TIF’s, with three of these TIFs having
separate Credit Enhancement Agreements (CEA) for various projects included in the
respective TIF Districts. These two TIF Districts are the Bayside TIF, Waterfront TIF, and
Creative Portland Development and Arts TIF District. The separate CEAs are detailed in
the listing below.

1. Nichols Portland (Economic Development TIF) (Expired FY14)

Duration: 20 year term (FY95 through FY14)
Percentages: Years 1 to 5, 90% to Recipient, 10% to City General Fund; years 6 to 10,
75% to Recipient, 25% to City General Fund; years 11 to 20, 50% to Recipient, 50% to
City General Fund.
Location: 2400 Congress Street

This TIF was created to support Nichols Portland expansion of its existing manufacturing
facility at 2400 Congress Street and retain 450 jobs.

2. Shipyard/Longfellow (Economic Development TIF) (Expired FY07)

Duration: 12 year term (FY96 through FY07). Please note this TIF has expired and the
City General Fund is receiving 100% of the real estate taxes.
Percentages: 90% to Recipient, 10% to City General Fund Years 1 through 6; 50% to
Recipient; 50% to City General Fund Years 7 through 11; 1% to Recipient, 99% to City
General Fund Year 12.
Location: Newbury Street

This TIF was used to transform the former Crosby-Laughlin site on Newbury Street into
the Shipyard Brewing Company.

3. Auto Europe (Economic Development TIF) (Expired FY11)

Duration: 15 year term (FY97 through FY11). Please note this TIF has expired and the
City General Fund is receiving 100% of the real estate taxes.
Percentages: 75% to Recipient; 25% to City General Fund
Location: Commercial Street across the street from Casco Bay Lines, former Galt Block
building.


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This TIF was used to renovate the former Galt Block Building into the headquarters for
Auto Europe. The Galt Block Building had been vacant for over 10 years.

4. Bramhall/Holt Hall (Economic Development TIF)

Duration: 20 year term (FY00 through FY19)
Percentages: 75% to Recipient; 25% to City General Fund, plus a Payment in Lieu of
Taxes (PILOT) associated with first floor space.
Location: 794 Congress Street

This TIF was used to renovate Holt Hall, built in the 1860’s, and then vacant in excess of
10 years, into 36 market rate rental apartments and office space on the ground floor at a
cost of almost $4 Million.

5. UNUM (Economic Development TIF) (Expired FYE15)

Duration: 15 year term (FY01 through FY15)
Percentages: 100% capture of increased value with 75% going to the Recipient, and 25%
going to economic development projects for the City.
Location: Outer Congress Street.

This TIF was utilized to support expansion of UNUM offices and to build a 1,200 space
parking garage.

6. Waterfront TIF (Economic Development TIF)

Duration as originally approved March 18, 2002: 10 year term (FY03 to FY12)
Duration Extended as of June 7, 2010 for a 30-year term: FY03 to FY32
Percentage: 100% TIF capture. Annually, the City Council has adjusted this TIF capture
rate to place a portion of the property tax revenue in the City General Fund.
Location: Selected waterfront properties.

This is a municipal TIF to be used for waterfront projects.

 6a. Waterfront Maine LP (Cumberland Cold Storage Building) on
 Commercial Street (Economic Development TIF)

 Duration: 20-year term (FY12 through FY31)
 Percentage: 63% years 1 through 5; 64% years 6 through 10; 55% years 7 through
 15; 45% years 16 and 17; 40% years 18 and 19; and, 35% year 20 – with a
 maximum cumulative TIF payment numeric cap not to exceed $2,870,058.
 Location: 252 Commercial Street on the Portland waterfront.

 The City entered into the TIF in order to support the renovation of the Cumberland
 Cold Storage building into a Class A office building, with continued marine uses
 on the first floor and berthing according to zoning regulations. The reuse of this
 building will accommodate the relocation of Pierce Atwood, bringing its 175
 employees to the Portland waterfront.

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7. Bayside TIF (Economic Development TIF)

Duration: 30 year term (FY04 through FY33)
Percentages: 100% TIF capture. Annually, the City Council has adjusted this TIF capture
rate to place property tax revenue in the City General Fund.

The geographic area of this TIF District was expanded by City Council vote on
November 17, 2014, expanding it from 62 acres, to 129 acres, to align with the area of
Bayside contained in the Bayside Vision Plans I and II.

This is a municipal TIF to be used for public infrastructure improvements, relocation of the
one remaining scrap metal recycling facility and acquisition of the scrap metal yard site,
business recruitment marketing for the Bayside area, pledging TIF revenue as a repayment
source to HUD or any other agency or entity that finances Bayside investment, and
administrative and staff costs for the Economic Development Department. Investments
from this TIF also include two Credit Enhancement Agreements (CEA’s) with the
following:

 7a. Capital LLC (Intermed Building) on Marginal Way (Economic
 Development TIF)

 Duration: 15 year term (FY09 through FY23)
 Percentage: 100% to return, to Developer, to an annual maximum cap of
 $355,000 and annual debt service threshold test.
 Location: Bayside next to I-295

 The City entered into the CEA in order to assist with the development of a parking
 structure in connection with the office building.

 7b. Southern Maine Student Housing on Marginal Way (Economic
 Development TIF)

 Duration: 11 year term (FY08 through FY18) (Expired FY18)
 Percentage: 100% to return, to Developer, to a maximum annual cap of $120,000
 and annual debt services threshold test.
 Location: Bayside next to I-295

 The City entered into the CEA in order to assist with the development of a parking
 structure in connection with the student housing development.

8. Riverwalk/Ocean Gateway (Economic Development TIF)

Duration: 13 year term (FY07 through FY19)
Percentages: Formula based percentages in Credit Enhancement Agreement
Location: Hancock and Fore Street area



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The TIF was entered into to assist with the construction of a parking structure for the
development plan for the area adjacent to Hancock Street.

9. Avesta/Pearl Place (Affordable Housing TIF)

Duration: 30 year term (FY08 through FY37)
Percentages: Various percentages captured value to return to Developer based on Maine
State Housing Authority Certificate of Approval, to a maximum of $22,000 annual cap.
Location: Oxford and Pearl Streets

This TIF is an affordable housing TIF to assist in the creation of affordable housing in the
City’s Bayside area along Oxford and Pearl Streets.

10. Creative Portland Development and Arts (Economic Development TIF)

NOTE: This area wide TIF District was reduced/renamed by the City Council on
February 19, 2015, reducing the geography to just the Baxter Library property (see #10a
below), and renaming it the Baxter Library TIF District with the term ending FY19; this
will take effect with FY16).

Original Duration: 15-year term (FY10 through FY24); Term amended as noted above to
end FY19.
Original Percentages: 100% capture; annually, the City Council may adjust this TIF
capture rate to place property tax revenue in the City General Fund; Percentage amended
to reflect the 65% capture for the Baxter Library project.
Original Location: Multiple properties included in the Downtown Area; Location
amended as noted above to be only the Baxter Library property.

This TIF was originally created to assist in maintaining the creative economy businesses
through the creation of the Creative Portland Corporation and TIF funds to assist in funding
its administrative personnel and program of activities up to a maximum of $100,000
annually. This element of the original TIF District is now included in the recently
created Downtown Transit Oriented Development (TOD) TIF District – See Item #18
below.

 10a. Baxter Library LP at 621 Congress Street (Economic
 Development TIF)

 Duration: 9-year term (FY11 through FY19)
 Percentage: Lesser of annual 65% to return to Developer or amount necessary to
 service project debt. Adjustments to annual payment if project refinancing occurs.
 Location: 621 Congress Street

 The City entered into the CEA in order to assist with the reuse, redevelopment, and
 preservation of a hallmark downtown building built in 1888, where adaptive reuse
 of this former library is challenging and expensive. This Project added $2.5
 Million in new municipal assessed commercial valuation and generate an average
 of $14,000 annually, in funds, to support the Creative Economy TIF Program or

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 24 of 30
 the City’s General Fund as directed by the City Council. The reuse of this building
 will accommodate the relocation of the VIA Group, bringing its 64 employees to
 this upper area of downtown Portland.

11. McAuley Place (Economic Development TIF)

Duration: 30 year term (FY10 through FY39)
Percentages: 60% to Recipient; 40% to City General Fund.
Location: 605 Stevens Avenue

This TIF was created to assist in the renovation of the former Mother House/Convent (built
over 100 years ago) on Stevens Avenue into a market rate independent senior living
community, including 45 to 50 apartments in the renovated Convent; 25 to 30 apartments
(new construction) in an addition to the Convent; and, 36 units (new construction) located
in three townhouse/cottages adjacent to the Convent.

12. PowerPay/Portland Public Market (Economic Development TIF)

Duration: 30 year term (FY11 through FY40)
Percentages: Years 1 through 8 – 75% to Developer, 25% to City General Fund; Years 9
through 30 – 50% to Developer, 50% to City General Fund.
Location: 25 Preble Street

This TIF district was created to support the retention and expansion of PowerPay along
with redeveloping an important asset in Portland’s Downtown that was formerly known as
the Portland Public Market. Because of the complex renovation issues and the high cost
associated with redeveloping the Portland Public Market property, PowerPay requested TIF
assistance to cover the Project financing gap. PowerPay renovated and moved its
headquarters to this location with well over 150 employees.

13. Thompson’s Point Development Company, Inc. (Transit-Oriented TIF)

Duration: 30 year term (FY15 through FY44).

Percentages:
Phase One of Project: Years 1 through 10 – 75% to Developer and 25% to City transit-
oriented projects; years 11 through 15 – 60% to Developer, 25% to City transit-oriented
projects, and 15% to City’s General Fund; years 16 through 20 – 50% to Developer, 25%
to City transit-oriented projects, and 25% to City’s General Fund; years 21 through 30 –
40% to Developer, 25% to City transit-oriented projects, and 35% to City’s General Fund.

Phases Two and Three of Project: Years 1 through 30 – 0% to Developer; 25% to City
transit-oriented projects; 75% to City’s General Fund.

Location: Thompson’s Point

This Transit-Orient Development (TOD) Tax Increment Financing (TIF) District was
created to support Thompson’s Point Development Company Inc.’s redevelopment of

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 25 of 30
Thompson’s Point into the Forefront at Thompson’s Point. Additionally, the TOD will
assist to expand and improve transit connections between Thompson’s Point and key
commercial locations within Portland (i.e. Jetport, Portland Transportation Center and
Portland’s Downtown) and around the region.

Thompson’s Point consists of approximately 30 acres of real estate adjacent to the Portland
Transportation Center that is home to the Northern New England Passenger Rail Authority,
which runs the Amtrak Downeaster and Concord Trailways bus company.

The Forefront at Thompson’s Point is a proposed mixed-use development that will
transform a blighted and grossly underutilized 30-acre parcel located along Interstate 295
into a highly visible gateway destination event center that is expected to generate
significant economic activity within the District and throughout Portland. The Company
plans to redevelop Thompson’s Point in a manner that includes a substantial investment in
public infrastructure, including construction of an above-ground parking garage with
approximately 700 spaces, road extensions and widenings, rail crossings upgrade, utility
investments, and expanded walking and biking trails.

14. The Village at Oceangate, LLC (Bay House) (Economic Development TIF)
 This TIF was terminated by the City Council on November 3, 2014 due to the
 conversion of market rate apartments into condominiums which is not allowable
 use of TIF funds.

Duration: 11 year term (FY14 through FY25)
Percentages: Years 1 through 5 – 75% to Developer, 25% to City General Fund; Years 6
through 10 - 65% to Developer, 35% to City General Fund. Total revenue to developer is
capped at $647,971 over the term of the District.
Location: Hancock Street, between Newbury and Middle Streets.

This TIF district was created to support the development of The Bay House Project. The
Project includes the construction of two new buildings that will contain ninety-four (94)
market rate apartments, a parking garage, and approximately 5,700 square feet of
commercial retail space. Use of TIF proceeds is directed to support public infrastructure
investments.

15. Fore India Middle, LLC (former Jordan’s Meat Site) (Economic Development
TIF)
 This TIF was terminated by the City Council on November 3, 2014 due to the
 project not coming to fruition.

Duration: 4 year term (FY14 through FY17)
Percentages: Years 1 and 2 – 50% to Developer, 10% to City TIF Project; 40% to City
General Fund; Year 3 - 40% to Developer, 10% to City TIF Project; 50% to City General
Fund; Year 4 – 40% to Developer, 60% to City General Fund. Total revenue to developer
is capped at $650,000 over the term of the District.
Location: Portion of block surrounded by Fore, India, and Middle Streets.



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This TIF district was created to support the development of a portion of the former Jordan’s
Meats site. This development project includes a five-story, approximately 180,000 sf. of
mixed-use consisting of 12,300 sf. of retail space on Middle Street, 9,800 sf. of retail space
on Fore Street, three levels of office space comprising 63,900 sf. on Middle Street, and 18
residential condominium units along Fore Street and India Street. In addition, there will be
two "internal" parking garages behind the retail spaces (not visible from the street), one
110-space garage at the Fore Street level, and another 63-space garage one story above at
the Middle Street Level. The Developer expects to have an urban grocery on Middle Street
with a variety of produce, meats, food, and household items, with an emphasis on natural,
organic and healthy items. The other retail users and the office users have not been
identified yet. Use of TIF proceeds is directed to support public infrastructure investments.

16. 409 Cumberland Avenue (Affordable Housing TIF)

Duration: 22 year term (FY14 through FY35)
Percentage: 50% to Developer; 50% to City Housing Affordable Housing Revolving Loan
Fund

Location: 409 Cumberland Avenue

This Affordable Housing TIF District supports the development of 46 affordable units and
11 market rate units of rental housing. TIF revenues will be used by Developer to pay
operating costs for the project; City TIF revenues will be used for the establishment of an
affordable housing revolving loan fund.

17. 134 Washington Avenue (Affordable Housing TIF)

Duration: 20 year term (FY15 through FY34)
Percentages: 50% to Developer; 50% to City General Fund.

This Affordable Housing TIF District supports the development of an 18-unit residential
rental project. TIF revenues will be used by Developer to pay for operating costs for the
project.

18. Downtown Transit Oriented Development (TOD) TIF (Economic Development
 TIF District)

Duration: 30 year term (FY16 through FY45)
Percentages: 12% Year One; 22% years 2 through 30; 88% to General Fund Year One;
78% to General Fund Years Two through Thirty.

This Downtown TOD TIF will support various municipal and other development projects,
including sidewalk and pedestrian enhancements, streetscape, lighting, yearly funding of up
to $100,000 for Creative Portland to assist in funding its administrative personnel and
program of activities (see Item #10 above), street alignment, utilities, bicycle
improvements, public transit, wayfinding, and administrative and staff costs for the
Economic Development Department.


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19. 17 Carleton Street (Affordable Housing TIF)

Duration: 22 year term (FY16 through FY37)
Percentages: Years 1 and 2: 0% to Developer; 100% to City. Years 3 through 22: 65%
to Developer; 35% to City General Fund.

This Affordable Housing TIF District supports the development of a 37-unit residential
rental project. TIF revenues will be used by Developer to pay for operating costs for the
project.

20. ImmuCell (Economic Development TIF)

Duration: 12 year term (FY18 through FY29)
Percentages: Years 1 through 11: 65% to Developer, 35% to City General Fund; Year 12:
30% to Developer, 70% to General Fund.

This Economic Development TIF supports ImmuCell Corporation’s expansion from its
existing facility at 56 Evergreen Drive to a new two-story, 12,625 sq. ft. (est.) production
facility on Caddie Lane off of Riverside Street. ImmuCell Corporation is a growing animal
health company that develops, manufactures, and sells products that improve animal health
and productivity in the dairy and beef industry. Over the last nearly 16 years, the Company
has invested in excess of $11 Million in the R&D of a product that addresses mastitis, the
most significant cause of economic loss to the dairy industry. This lead product in
development is Mast Out, a novel, ground-breaking treatment for mastitis in lactating
dairy cows. Completion of construction of this new facility is expected in 2017.

21. Deering Place (Affordable Housing TIF)

Duration: 30 year term (FY19 through FY48)
Percentages: 75% to Developer, 25% to City General Fund for 30 year term.

This Affordable Housing TIF District supports the development of 75 units of residential
rental housing. TIF revenues will be used by Developer to pay for operating costs for the
project.

22. 58 Boyd Street (Affordable Housing TIF)

Duration: 30 year term (FY19 through FY48)
Percentages: 50% to Developer, 50% to City General Fund for 30 year term.

This Affordable Housing TIF District supports the development of a 55 unit, mixed
income, multi-family rental apartment building. TIF revenues will be used by Developer to
pay for operating costs for the project.




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 Appendix D
FYE2018 Report
FY 18 Tax Rate: 0.02165
TIF Name Starts/ TIF PLAN TOTAL ORIGINAL Increased PERCENT Total Cpt. PROCEEDS City TIF City General Fund
 (OAV and Non-
 Captured Taxes
SITE Specific with CEA: Ends-FY TERM YEAR ASSESSED ASSESSED Assessed value APPLIED Value TO OWNER Funds from IAV)

HOLT HALL 00/19 20 YEARS 19 4,956,760 349,110 4,607,650 67% 3,070,538 66,477 0 40,837
 - FY18 Taxes 107,314 7,558 99,756 66,477

Baxter Library (f/k/a Arts) 11/19 9 YEARS 8 2,502,600 0 2,502,600 65% 1,626,690 35,218 0 18,963
 - FY18 Taxes 54,181 0 54,181 35,218

AVESTA/Pearl Place 08/37 30 YEARS 11 3,578,360 646,050 2,932,310 34% 996,985 21,585 0 55,887
 - FY18 Taxes 77,471 13,987 63,485 21,585

OCEAN GATEWAY/Riverwalk 07/19 13 YEARS 12 22,448,600 1,085,550 21,363,050 33% 7,105,350 153,814 0 332,198
 - FY18 Taxes 486,012 23,502 462,510 153,831

PowerPay/Ptld Pub Mkt 11/40 30 YEARS 8 6,259,500 1,862,600 4,396,900 75% 3,297,675 71,395 0 64,124
 - FY18 Taxes 135,518 40,325 95,193 71,395

McAuley 10/39 30 YEARS 9 1,345,700 0 1,345,700 60% 807,420 17,481 0 11,654
 - FY18 Taxes 29,134 29,134 17,481

Thompson's Point TOD 15/44 30 YEARS 4 10,298,470 4,970,470 5,328,000 100% 5,328,000 86,513 28,838 107,611
 - FY18 Taxes 222,962 107,611 115,351 115,351

409 Cumberland Ave. AH 14/35 22 YEARS 5 3,717,960 470,200 3,247,760 100% 3,247,760 35,157 35,157 10,180
  - FY18 Taxes 80,494 10,180 70,314 70,314

134 Washington Ave. AH 15/34 20 YEARS 4 1,079,400 155,600 923,800 50% 461,900 10,000 0 13,369
  - FY18 Taxes 23,369 3,369 20,000 10,000

17 Carleton St. AH 16/37 22 YEARS 3 757,500 261,600 495,900 65% 322,335 6,979 0 9,421
 - FY18 Taxes 16,400 5,664 10,736 6,979

ImmuCell 18/29 12 YEARS 1 1,651,100 52,600 1,598,500 65% 1,039,025 22,495 0 13,251
 - FY18 Taxes 35,746 1,139 34,608 22,495

Area-Wide TIFs, with CEA
BAYSIDE 04/33 30 YEARS 15 204,355,870 122,318,180 82,037,690 58% 47,803,362 463,312 571,631 3,389,362
FY18 Taxes 4,424,305 2,648,189 1,034,943
 - CEA/Atlantic Bayside Trust 09/23 15 YEARS 10 31,005,420 0 31,005,420 Formula 355,000
 - CEA/Blue Atlantic 08/18 11 YEARS 11 16,248,030 0 16,312,380 Formula 108,312

WATERFRONT 03/32 30 YEARS 16 42,287,660 7,667,340 34,620,320 66% 23,015,589 197,259 301,028 417,240
FY18 Taxes 915,528 165,998 498,287
- CEA/Waterfront Maine 12/31 20 YEARS 7 15,187,300 950,930 14,236,370 64% 9,111,277 197,259

DOWNTOWN TOD TIF 16/45 30 YEARS 3 1,094,825,490 968,136,850 126,688,640 22% 27,871,501 603,418 23,099,554
FY18 Taxes 23,702,972 20,960,163 2,742,809 603,418




Total Value: 1,400,064,970 1,107,976,150 292,088,820 125,994,130
Total Taxes: 30,311,407 23,987,684 6,323,723 2,727,773 1,187,684 1,540,072 27,583,651
 30 of 30 FYE2018