Code of Maine Rules › 19 - DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT › 100 - ECONOMIC / COMMUNITY DEVELOPMENT › Chapter 1 - MUNICIPAL TAX INCREMENT FINANCING RULE › Section 100-1-4 - APPLICATION REQUIREMENTS - AMENDMENTS

Current through 2024-29, July 17, 2024
A.
GENERAL
A municipality wishing to amend an approved tax increment
				  financing district and/or development program shall submit to the Department
				  for an application that satisfies the requirements of this section. The
				  municipality shall submit an original and four copies of the application in the
				  case of downtown tax increment financing districts and an original and two
				  copies in the case of all other tax increment financing districts. The
				  municipality shall include with the application any additional information the
				  Department may require.
Examples of such amendments include but are not limited to:
				  alteration of the district boundaries; addition or deletion of project costs to
				  be financed from tax increment revenues; increase or decrease in the amount of
				  indebtedness to be repaid from tax increment revenues; and municipal
				  revaluation.
B.
CONTENTS
An application for amendment of a municipal tax increment
				  financing district and/or development program must contain:
1. A cover letter from an authorized
				municipal official certifying that all information contained in the amendment
				is true and correct to the best of his or her knowledge.
2. A narrative summary of the changes
				included in the proposed amendment;
3. Evidence of public hearing for the
				proposed amendment
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 amended district
				designation by municipal legislative body
Further, the application must contain any of the following
				  items which have changed from the original application, in the order
				  listed:
4. A
				completed Employment Goals form provided by the Department;
5. A completed Statutory Requirements &
				Threshholds form provided by the Department;
6. 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 amended
				district including
i. A municipal map clearly
				showing the site location of the proposed district relative to the municipal
				boundaries and original district; and
ii. Tax maps clearly delineating the
				boundaries of the proposed amended 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