Re: the Feb. 20 article “Maine’s TIF law lets businesses avoid paying for local services, schools”:

I feel that I am obliged to rebut what was reported in your publication about Tax Increment Financing, especially regarding The Bank of Maine Ice Vault.

Instead of abandoning the former Kennebec Ice Arena site, the city of Hallowell agreed to a TIF to help build The Bank of Maine Ice Vault. The agreement was to forgo the increased property taxes for 10 years while I assumed sole responsibility to repay a multimillion-dollar construction loan.

I did receive overtures to build the arena in other towns, which I promptly declined. The city of Hallowell and I understood that we needed to rebuild at the same site.

There has been a positive economic impact on local shops, restaurants and hotels. The Red Cross has held blood drives at the facility. Schools and other organizations use the facility for training and education. These events are an important part of the social fabric of our community.

Naomi Schalit of the Maine Center for Public Interest Reporting asserts that I simply threatened to leave Hallowell and take the ice arena with me if I didn’t receive a TIF. This is not true. She never contacted me, the staff at The Bank of Maine Ice Vault or the city of Hallowell.


Thank you to the city of Hallowell, the community, The Bank of Maine, the Skating Association of Maine and all other businesses and people who helped.

Peter E. Prescott

owner, The Bank of Maine Ice Vault, and CEO, Everett J. Prescott, Inc.


Bill Boardman

general manager, The Bank of Maine Ice Vault


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