The Scarborough Town Council on Wednesday unanimously approved a change to its downtown district tax agreement to benefit the town and taxpayers.
The amendment expands the options the town has in spending tax revenue generated from the downtown district. When used for specific state-approved options, such as funding public safety equipment and affordable housing, it can lead to lower state and county taxes for the town, and thus its residents.
“Since I’ve been on the council, this is one of the most impactful decisions that I think we’re going to make,” said Council Chairperson John Cloutier.
The Downs development makes up roughly 50% of the downtown district geographically and generates most of its tax revenue.
Officials have estimated that an owner of a $400,000 home could save $56 annually with the agreement change. The savings are expected to increase as the district generates more tax revenue.
The approved amendment will be reviewed by the state.
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