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Saco approves TIF district to benefit transit projects
The new district also shelters tax revenue on the increased portion of assessment value as properties are developed.
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The Saco City Council approved sections along Route 1 and in Camp Ellis for a new tax increment finance district that would benefit transit related projects.
Courtesy image/City of Saco
SACO The City Council in Saco has approved a plan to shelter new tax revenue derived from increased growth in a new trnsit-related Tax Increment Financing District for the next 30 years.
The vote was 6 to 1, with Councilor Nathan Johnston, who had expressed concern about the size of the new district, dissenting. He said while there are benefits to TIF districts Saco has several there could come a point where the city is challenged with meeting demands on the city’s general fund.