Tax Increment Financing

Tax Increment Financing has proven to be a widely used economic development tool nationwide.

Many states allow local communities to use the taxes resulting from the increase in taxable valuation caused by the construction of new industrial or commercial facilities to provide economic development incentives to a business or industry. Tax Increment Financing (TIF) may be used to offset the cost of public improvements and utilities that will serve the new private development, to finance direct grants or loans to a company, or to provide the local match for federal or state economic development assistance programs.

TIF is a method of facilitating development or redevelopment of defined areas of property by utilizing future tax revenues to pay for some of the necessary improvements. TIF allows local officials to designate an area (TIF District) for improvement and then earmark any future growth in property tax revenues in that District to pay for the predetermined development expenditures in that District.

The cost of improvements to the area is repaid by the contributions of future tax revenues by each participating taxing unit that levies taxes against the property. Each taxing unit can choose to dedicate all, a portion of, or none of the tax revenue that is attributable to the increase in property values due to the improvements within the reinvestment zone. The additional tax revenue that is received from the affected properties is referred to as the tax increment. Each taxing unit determines what percentage of its tax increment, if any, it will commit to repayment of the cost of financing the public improvements.

The laws vary from state to state on the type of taxes (real property, tangible property, sales, utility, etc.) used to fund TIF districts. The state laws also vary on the designation of qualifying areas and types of investments approved for TIF usage.

Depending on the specific state the following investments might qualify: Acquisition of land, new facilities, infrastructure improvements, production machinery, utility improvements, and other capital investments.

Professionals structure incentives packages ensuring all possible incentive opportunities are considered and that creative ideas are presented directly to federal, state, and local economic development officials. Developers have secured millions of dollars of benefits for local companies, reducing start-up, expansion, consolidation, and on-going operating costs.

Service Areas and Specialties

Located in Scarborough Maine and primarily serving Cumberland County,   APPLEBEE COMMERCIAL is a multi-service, real estate firm with principal activities concentrated in the brokerage of commercial and income properties as well as land sales and development consulting for both residential and commercial development.

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Contact us today (jerry@applebeecommercial.com) or 207-883-3333 to discuss your REAL ESTATE needs!

275 PAYNE RD & HAIGIS PARKWAY, SCARBOROUGH ME

Haigis Parkway Professional Center

The $100 million dollar Haigis Parkway development that includes Cabela’s Shopping Center has been drawing lots of attention, with more building soon to develop but on the opposite end of the road connecting the Maine Turnpike to Route One, added development is on the way. Horizon Solutions has completed and now occupies a 15,400sf office building for their Maine supply and training center also the newly constructed Salt Pump Climbing Co is now open along with Golf and Ski Warehouse plus Clear Choice MD Urgent Care . Also a soon to be disclosed 32 acre project on Haigis Parkway has been placed under contract .

Applebee Commercial is also representing For Sale several Development sites now available starting at $219,900 to $3,600,000 and ranging in size of 2.6 to 33 acres. Development will feature commercial, retail, office, professional, residential and medical planned components to compliment existing development and comprehensive planning.

Each site will require final Planning Board site plan review once an end-user is identified to create a harmonious development overview.

The completion of the project to install utilities including Natural Gas along Haigis Parkway along with the towns establishment of flexible zoning for the area is intended to draw attention for office, high-tech and biotech research and development facilities, as well as medical, retail, hospitality facilities and apartments.

The development potential encompasses several parcels of land that amount to over 100 acres on both the east and west sides of the Haigis Parkway. Site selection can include the combination of several lots to accommodate most buyers, including a very attractive 6.5 acre site with private fresh water frontage.

See . Featured Listings . at this web site for more detail