Freeport’s Tax Increment Finance district, in place since 1996, was set to expire.
Freeport’s vision to stimulate economic development in its downtown has won support from the state by an extension of the town’s Tax Increment Financing program for another 20 years.
The TIF allows a portion of funding generated from taxes on applicable properties along the U.S. Route 1 corridor to be invested in infrastructure, housing, transportation and public spaces.
The recent extension maintains Freeport’s TIF district through 2046 and is projected to create close to $17.5 million in total revenue to support development that aligns with the town’s newly adopted comprehensive plan and “Downtown Vision Plan.”
Freeport has had a 30-year TIF district since 1996 and was set to expire.
“Freeport is one of the first towns in Maine to take advantage of a relatively new statute that allows towns to renew district terms for an additional 20 years beyond the prior 30-year limit,” said Brett Richardson, Freeport’s planning director.
The TIF program will generate funding to support the redesign of the U.S. Route 1 corridor, including the downtown district, to improve walking, biking and transit options, while managing future traffic as new housing is built.
The Village Corridor Initiative is a joint planning effort between the town and the Maine Department of Transportation.
“A dedicated funding source [that] we can invest in upgrades along our village corridor is a critical tool to deliver the public amenities our residents have asked for,” said Town Council Chair Joanna Benoit.
“With state approval for this 20-year investment strategy, we now have the financial tools to move Freeport into the future,” Benoit said.
In addition to creating new funding, the town is updating zoning to support housing and mixed-use development along U.S. Route 1, while planning infrastructure improvements in partnership with the Maine DOT.
“New housing served by modern infrastructure and welcoming public spaces will strengthen Freeport as a place to visit, live and work,” said Town Manager Sophie Wilson. “The Village Corridor TIF will help us partner with the private sector to bring this community vision to life.”
Freeport currently has 138 apartment and condominium units poised for construction within the town’s primary growth area, downtown, next to Freeport Village Station and the Amtrak train depot.
The town and MaineDOT will share concept designs for U.S. Route 1 improvements at a public meeting on April 9, at 6 p.m., at Freeport High School. More information is available on the town website.