ECONOMIC DEVELOPMENT
Tax Increment Finance (TIF) Districts
Credit Enhancement TIF in the Downtown
In 2005 the people of Bridgton showed their support for economic development by voting to provided a Credit Enhancement TIF for Snapdragon LLC. to assist in the construction of the new Magic Lantern movie theater in the heart of the downtown. This public/private partnership is only one example of Bridgton’s commitment to working with business owners to provide the highest quality of life for our year-round residents and visitors.
Bridgton Downtown and Route 302 TIF
On June12, 2007 the voters of Bridgton approved the creation of the Bridgton Downtown and Route 302 TIF in a large section of the Downtown as well as a one mile section of Route 302. The goal of the TIF is to invest in the public infrastructure of the community in order to attract and retain businesses and to provide funds to support the long term capital needs of the Town.
The revenue generated by the TIF will be focused on specific items:
§ Repairs to closed bridge on Depot St.
§ Improve and contract sidewalk and ornamental lighting along Depot Street.
§ Provide funds for studies/engineering along Route 302.
§ Possible future expansion of parking downtown and improvements to current parking.
§ Fund a multi-year program to encourage tourism/business in Bridgton.
§ Extensions of sidewalks and ornamental lighting along Portland Rd.
§ Provide possible funding for better access management along 302.
§ Public safety improvements.
§ Money to supplement leach field repairs as well as possible future fields or repairs of sewer lines.
The Town is currently seeking final approval for the TIF from the Maine Office of Community Development, which should be achieved in the coming months.
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Micah Niemy
Economic and Community Development Director
ecodevdir@bridgtonmaine.org
Town of Bridgton
3 Chase Street, Suite 1
Bridgton, ME 04009
Tel. (207) 647-8786
Fax (207) 647-8789
