Code of Maine Rules › 19 - DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT › 100 - ECONOMIC / COMMUNITY DEVELOPMENT › Chapter 1 - MUNICIPAL TAX INCREMENT FINANCING RULE › Section 100-1-2 - APPLICATION REQUIREMENTS ORIGINAL

Current through 2024-29, July 17, 2024
A.
GENERAL
Municipalities wishing to use municipal tax increment
				  financing to fund development programs must submit an application to the
				  Department conforming in all material respects to the requirements of Sections
				  (B) below and providing any additional information the Department may
				  request.
In accordance with 30-A M.R.S.A., §5235, a county may
				  act as a municipality for the unorganized territory within that county for
				  purposes of municipal tax increment financing.
B.
MUNICIPAL TAX INCREMENT FINANCING
				APPLICATION
A municipality wishing to use municipal tax increment
				  financing to fund a development program shall submit to the Department for
				  review by the Commissioner an original and one copy of an application that
				  satisfies the requirements of this section. The municipality shall provide with
				  the application any additional information the Department may require.
An application for designation of a municipal tax increment
				  financing district must contain the following, in the order listed:
1. A cover letter from an authorized
				municipal official certifying that all information contained in the application
				is true and correct to the best of his or her knowledge.
2. An Application Cover Sheet on a form
				provided by the Department;
3. A
				completed Employment Goals form provided by the Department;
4. A completed Statutory Requirements &
				Thresholds form provided by the Department;
5. A Development program which includes
a Description of public facilities,
				improvements, or programs to be financed in whole or in part by the development
				program
b Description of commercial
				facilities, arts districts, improvements or projects to be financed in whole or
				in part by the development program
c Duration of the program (may not exceed 30
				years)
d Certification of original
				assessed value of the taxable property in the TIF district by the municipal tax
				assessor, using valuation from the prior March 31st
e A physical description of the district
				including
i. A municipal map clearly showing
				the site location of the proposed district relative to the municipal
				boundaries; and
ii. Tax maps
				clearly delineating the boundaries of the proposed district
f Financial plan
i. Cost estimates for the development
				program
ii. Amount of public
				indebtedness to be incurred
iii.
				Sources of anticipated revenues
iv.
				Description of the terms and conditions of any agreements, contracts or other
				obligations related to the development program (e.g. credit enhancement
				agreements CEAs)
v. Estimates of
				increased assessed values of the district for each year of the
				program
vi. Portion of the
				increased assessed values to be applied to the development program as captured
				assessed values and resulting tax increments in each year of the
				program
vii. Tax shift calculations
				for each year of the program
g Plans for the relocation of persons
				displaced by the development activities
h Proposed regulations and facilities to
				improve transportation
i
				Environmental controls to be applied
j Proposed operation of the development
				district after the planned capital improvements are completed
6 Evidence of public hearing
a 10 day notice of public hearing, including
				proof of date of publication
b
				Minutes of public hearing, attested to and signed
c Record of district designation by municipal
				legislative body