Presentation on theme: "Franklin County Tax Increment Financing Workshop February 27, 2014 Carrabassett Valley Library."— Presentation transcript:
Franklin County Tax Increment Financing Workshop February 27, 2014 Carrabassett Valley Library
Introduction: Established in May of 2008, the Franklin County Tax Increment Financing (TIF) District was created to provide public assistance to the financing of the Kibby Wind Power Project and to establish an economic development program for the Unorganized Townships of Franklin County.
Introduction: The County Commissioners worked with the TransCanada Maine Wind Development Inc. to establish a TIF District and an associated Credit Enhancement Agreement to allow for the taxes generated by the project to remain in the County’s unorganized townships for the purpose of economic development. The TIF and CEA allow for 75% of the new taxes generated by the project to be retained by the county over 20 years. The County agreed to reimburse to the Company 60% of those new taxes annually for 20 years. The remainder of the TIF funds (40%) would be dedicated to the County for economic development purposes.
Unorganized Townships Chain of Ponds Township Coburn Gore Freeman Township Lang Township Madrid Township Perkins Township Redington Township Salem Township Township D Township E No. 1, R.5 (Jim Pond) No.1, R.5 (Skinner) No.2, R.4 (Tim Pond) No.2, R.6 (Chain of Ponds) No.2, R.7 W.B.K.P No.2, R. 8 (Beattie) No.3, R.3 (Davis) No.3, R.4 (Stetsontown) No.3 R.5 (Seven Ponds) No.3, R.6 (Massachusetts Gore) No.4, R.1 (Mt. Abraham), B.K.P., W.K.P No.4, R.3 (Wyman) B.K.P., W.K.P. Township 6 Washington Township No.1, R.6 (Kibby) No.1, R.9 (Gorham Gore) No.2, R.5 (Alder Stream)
The steps to completing the application are as follows: 1. Submit Letter of Intent 2. Upon receiving feedback from the TIF Review Committee, compile proof of engagement, letters of intent and proof of required permits and easements. 3. Complete the online form 4. Submit the online form and all required materials to: firstname.lastname@example.org AND email@example.com firstname.lastname@example.org email@example.com 5. Documents which can not be sent electronically should be sent to: Julie Magoon c/o Franklin County Commissioners’ Office 140 Main Street Farmington, ME 04938
Letter of Intent An introduction to the project and how it benefits the Unorganized Township (UT) A description of your organization A statement of need and amount requested A brief outline of your plans of action A brief discussion of your other funding sources for the project (donations, other grants, etc.) The Letter of Intent must not exceed the one page provided on the form.
The Franklin County TIF grant application is made up of four parts, all due together 1. Proof of engagement with a Franklin County Network 2. Letters of Agreement 3. Proof of Permissions and Easements 4. Online TIF Grant Application form
Letters of Agreement If your project is collaborative – the financial and time responsibility of more than one organization – letters of agreement are required. Do not send letters of agreement if only your organization takes responsibility for the project. It is strongly recommended that you work collaboratively with other businesses, as it will enhance your overall score.
Example: Letter of Agreement Mike from ATV Club A will work with Jim From ATV Club Z to restore trails in their area. Mike is applying for a TIF grant. Their letter of understanding could look like this.. Dear Mike, ATV Club A – We here at ATV Club Z will contribute the following to the trail restoration project from May 3 rd -May 30 th, 2014. - Provide $3,000 towards labor costs - Spend 15 hours weekly devoted to leveling the trails and beautifying them - Meet biweekly with the ATV Club A to discuss project progress - Help market the trails after their renovation by notifying our network ATV Club A has agreed to contribute the following from May 3 rd – May 30 th 2014 -the remaining $7,000 of the $10,000 in labor costs -Supply equipment and materials necessary for project completion -Spend 15 to 30 hours weekly devoted to trail restoration -Attend biweekly meetings with ATV Club Z to discuss project progress -Facilitation of various administrative and other tasks as they arise We look forward to working together on this project! Sincerely, Jim Smith, ATV Club Z (Signature, Date) Agreed by: Mike LaBrecque, ATV Club A (Signature, Date)
Proof of Engagement with a Franklin County Network Ex. Franklin County Community College Network, Franklin County Tourism Network, High Peaks Creative Council etc. Proof of Engagement should be documented by Current of former membership in an organization by you or a project partner. Previous project work with an organization. Participation in a networks programming. Planned participation is also accepted, but must be documented and available to submit to the committee upon request.
Proof of Permissions Permits, and Easements If your project will require Permissions and Easements, documentation of your successful access to these will be required. If your project will require a permit, proof of approval is needed at time of applicaton.
Online Form Form can be found at http://www.greaterfranklin.com/resources/franklin countytif http://www.greaterfranklin.com/resources/franklin countytif DUE: Letter of intent: March 17, 2014 Grant Application : May 7, 2014
Instructions for downloading and saving a PDF form Both the letter of intent form, and the Project Base Grant Online Form are provided in PDF format. In order to complete these forms, you must have Acrobat Reader installed on you computer. If you do not, you can download Acrobat Reader by going to http://get.adobe.com/reader
Saving PDF files to your computer Allow your mouse to hover over the bottom right of the screen. When the black command box appears, click on the disk, indicating you would like to save the document to your computer
Saving PDF files to your computer Choose to save the application to your desktop. You should now be able to locate the application on your computer desktop. You may fill in, save and print the application
Filling out the Form The Online Form is Comprised of: General Information Project Summary Project Objectives Project Timeline Funding and Expenses Collaborating Organizations or Businesses Required Documents and Information
Download adobe reader Save form to your desktop and complete. Save when completed. Attach completed form, and other scanned documents to an email, and send to: Submitting the Application firstname.lastname@example.org AND email@example.com