FALMOUTH — The Town Council Monday got an update on a new OceanView and natural gas tax increment financing district, which could capture up to $20 million in value.

The proposed district is smaller than the proposal the council heard Feb. 17. The new proposal is a 311-acre district covering 62 miles of public streets with gas lines.

Two scenarios, both for up to 30 years, were proposed. They would capture different amounts over the lifespan of the district: approximately $16 million while working on 13 base projects as part of the town’s current Capital Improvement Plan or operational budget, or nearly $20 million while looking at those projects plus others.

The council scheduled a public hearing and vote for March 9. On March 10, the town is expected to submit an application to the Maine Department of Economic and Community Development.

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