If the current agreement holds, the town and Midcoast Regional Redevelopment Authority will benefit almost equally from new business within two tax increment financing districts at Brunswick Landing and Executive Airport.

Under the draft agreement, 50 percent of new tax revenue from development within the two districts would be channeled to the town to fund a list of approved projects — which includes school renovation or new school construction.

Up to 50 percent also would be put into an account for MRRA and other developers, who then could apply to the town “on a project-by-project basis” for tax breaks or credit enhancement for specific projects, Tucker said.

MRRA’s total return for infrastructure over the 30- year life of the districts would be capped at $12 million.

Delegates from the town and MRRA have worked on a plan for months to share revenue, provide incentive to potential tenants, fund infrastructure improvements at the former naval air station and protect the town’s state education funding. Town Councilors Ben Tucker and John Richardson Jr. worked on the plan with MRRA board members Steve Weems and Sandy Updegraph.

Knowing that some of his peers wanted a deal weighted heavily in the municipality’s favor, Tucker warned that the agreement “is not perfect.”

“We think this is a plan that addresses everybody’s interests and is unquestionably in the interest of overall redevelopment and the creation of jobs in this entire area,” Tucker said.

“The town is not guaranteeing MRRA $12 million, that needs to be made very clear,” Tucker said. But the redeveloper also can apply for credit enhancement agreements unrelated to the infrastructure cap, but which fit within the up-to-50-percent clause.

“It’s a middle ground and a compromise to what we had all discussed,” Richardson said. “This was an opportunity for all of us to meet in the middle. There had been missed opportunities in the past, and this was an opportunity that we couldn’t let go.

“It’s good for both sides,” Richardson said. “It makes us partners. We’re excited about it.”

Councilors set a pair of public hearings, one for each TIF district, for July 29. Because they expect that meeting to be lengthy, it will start at 6:30 p.m., a half-hour earlier than normal.

jtleonard@timesrecord.com

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