BATH
At Wednesday night’s City Council meeting, Bath city staff will present an alternate tax increment financing proposal for the Bath Iron Works credit enhancement TIF.
The current BIW proposal gives Bath and BIW a 50-50 split for all new taxes garnered by construction of an outfitting hall BIW wishes to build, adjacent to Ultra Hall.
Bath now proposes a 50-50 split for 10 years, followed by 40 percent for BIW for the next five years.
The remaining TIF term would grant the city 100 percent of taxes.
The total projected earnings for Bath over the 24- year life of the TIF would be $9,014,760, or 71 percent of the total. BIW would receive $3,711,960, or 29 percent of the total.
Bath also wishes to amend the development program that would be financed by TIF funds.
Details of the reworked proposal were still being worked out early Tuesday, and it was not immediately clear if the new proposal would delay Wednesday’s planned public hearing and City Council vote on the original TIF proposal.
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